Expolanka Holdings ends FY24 with net loss of Rs. 17.6 bn

Expolanka Holdings PLC for the twelve months ended 31 March 2024 reported Revenue of Rs. 249.9 billion, Gross Profit of Rs. 47.1 billion, and a Net Loss of Rs. 17.6 billion.
Whereas for the quarter ended March 2024, the company reported Revenue of Rs. 66.0 billion, Gross Profit of Rs. 12.8 billion, and a Net Loss of Rs. 5.3 billion.

In a statement to the media, Expolanka Holdings PLC pointed out that despite the challenges posed by the macro environment, the entity has demonstrated resilience and agility in navigating through this volatile phase. 
“Diverse business segments, global presence, and commitment to operational excellence have enabled the company to adapt and respond effectively to market dynamics while remaining focused on driving efficiency, enhancing profitability, and creating long-term value for stakeholders,” it said.

In 1 March 2024, the company also announced the delisting of its ordinary shares from the Colombo Stock Exchange (CSE) and received approval from shareholders at an Extra Ordinary General Meeting (EGM) held on 27 March 2024. 

The company is now seeking approval from the Securities and Exchange Commission of Sri Lanka (SEC) to proceed with the delisting process.
In its logistics business, EFL Global experienced a decline in Air Freight and Ocean Freight volumes due to low imports and slowing consumer demand. This also led to reduced revenue from complementary services such as drayage and warehousing.

EFL Global augmented its service portfolio to establish capabilities across the customer value chain and increase account penetration. Its global network presence and infrastructure helped navigate challenging markets. 
It continued investing in core markets and advancing integration of recent acquisitions. Efforts are underway to boost efficiency and enhance processes to improve margins and profitability.

The Logistics sector, which remains Expolanka’s core business, reported Revenue of Rs. 63.6 billion and a Gross Profit of Rs. 12.1 billion in 4Q. For the full year, the sector generated Revenue of Rs. 240.6 billion and a Gross Profit of Rs. 44.3 billion. 

For the quarter under review, the Leisure sector continued to show growth reporting Revenue of Rs. 748 million, Gross Profit of Rs. 634 million, and Profit after Tax of Rs. 52 million. For the twelve months that concluded on 31, March 2024, the sector reported Revenue of Rs. 3.4 billion, Gross Profit of Rs. 2.6 billion, and Profit after Taxes of Rs. 768 million, driven by strong performance in corporate travel and inbound and leisure portfolios.
The Investment sector reported Revenue of Rs. 1.8 billion and a Gross Profit of Rs. 276 million in 4Q, while for the full year, Revenue stood at Rs. 6.6 billion, and Gross Profit was Rs. 930 million. The IT business continued its steady progress, and the export operations have stabilised.