Expolanka Holding’s 1Q12 net profit rose 15 percent to Rs.274 million, compared with the corresponding period of the previous year, the diversified conglomerate informed the Colombo Stock Exchange yesterday.
The bottom line of the company was boosted by the lower effective tax rate, as the Initial Public Offering (IPO) proceedings had helped the firm to reduce interest costs.
Revenue during the period under consideration fell 23.63 percent to Rs..6.3 billion, while gross profit also came down to 8.17 percent to Rs.1.39 billion.
Transportation sector of the company remained the cash cow during the period under consideration, contributing an operating profit of Rs.465 million.
In the meantime, the notes to the financials said the consolidated income statement for the three months ended 30 June 10 includes revenue and profit for the period amounting to Rs.1.28 billion and Rs.34 million that were attributable to the subsidiary companies (Expolanka Aviation and Denshun Industries), which were disposed prior to the period under review. (IS)
source - www.dailymirror.lk
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