Aug 04, 2011 (LBO) – Profits at Sri Lanka’s Expolanka group, whose key business is in logistics, rose 15 percent to 273 million rupees in the June 2011 quarter from a year earlier, helped by lower interest and taxes, interim accounts showed.
Finance costs fell 40 percent to 30 million rupees. The firm raised money from an initial public offer and short term liabilities fell to 181 million rupees from 897 million a year earlier.
Income tax fell to 102 million rupees in the quarter from 138 million a year earlier.
Updated II The group reported earnings per share of 15 cents for the quarter in interim accounts filed with the Colombo Stock Exchange.
Revenues from Expolanka’s transport business which includes logistics had fallen to 3.6 billion rupees from 4.2 billion with last year’s revenues containing businesses which had since been sold off.
In the core logistics division pre-tax profits rose to 460 million rupees in the quarter from 392 million a year earlier.
In the trading segment the group lost 24 million rupees before tax with revenues falling to 2.39 billion rupees from 2.4 billion rupees. Manufacturing lost 1.09 million rupees, lower than 3.6 million.
A strategic investment sector showed pro