Full-year earnings were 54 cents on profits of 1.05 billion rupees, which was down 31 percent. In the previous year profits were boosted by one off gains. Last year it sold stock at 14.00 rupees in an initial public offer.

The firm said revenues rose 20.9 percent to 10.9 billion rupees in the March quarter from a year earlier, cost of sales rose at a slower 18.7 percent allowing gross profits to grow at a faster 32 percent to 1.86 billion rupees.

But unspecified administration expenses rose 55 percent to 1.34 billion rupees.

The group said it had changed its revenue and cost recognition method, but it did not affect gross margins.

At group level, after tax profits from its logistics arm rose 5.6 percent to 1.1 billion rupees and other divisions made profits of 114 million rupees, Expolanka said.

Expolanka said its flagship sector logistics business did not grow as fast as expected but it would continue to focus on the area which has good prospects with Sri Lanka also aiming to be transport hub.

"Our freight and logistics sector was challenged by the headwinds of global trading and intense competition," group chief executive Hanif Yusoof said in a statement.

"This impacted freight volumes and prices across the industry thus limiting the anticipated growth.

"Our strategy was volume driven. We proactively ventured during the early part of 2012 into new potential markets, Hong Kong, China and USA, sought after by our existing customer base as well."

Expolanka said full year accounts included 4.67 billion rupees of revenue from subsidiaries which were sold off and 362 million in negative goodwill and 87 million in profits.

Asset revaluations brought gains of 706 million rupees.