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‘Expolanka Holdings navigates Q4, FY24 results with resilience and agility despite turbulent times’

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Expolanka Holdings PLC announced its financial results for the fourth quarter and full year ended March 31, 2024, demonstrating resilience in the face of a volatile macro environment, sustained by its agility and strategic focus.

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. For the twelve months that ended on 31, March 2024, the group reported Revenue of Rs. 249.9 billion, Gross Profit of Rs. 47.1 billion, and a Net Loss of Rs. 17.6 billion.

Importantly, the company also announced the delisting of its ordinary shares from the Colombo Stock Exchange on 1st March 2024 and received approval from shareholders at an Extra Ordinary General Meeting (EGM) held on the 27th of March 2024. The company is now seeking approval from the Securities and Exchange Commission of Sri Lanka (SEC) to proceed with the delisting process.

The global economy faced multiple shocks over the past two years, including tightening monetary policies, persistent inflation, trade protectionism, high energy prices, and geopolitical tensions. The World Bank’s January 2024 report predicted global growth would slow to 2.4% in 2024 – the third consecutive year of deceleration – due to ongoing macroeconomic conditions, resulting in operational challenges and tepid financial performance for EFL Global.

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.

On the supply side, Air Freight rates remained steady during the quarter following volatility during the first 3 quarters of the year. Air Freight Yields were static but well below the prior year. Ocean Freight rates increased due to disruptions in the Red Sea, but yields remained unchanged as rate hikes stemmed from higher premiums like insurance. Ocean Yields saw a significant reduction compared to the previous year. Profitability declined across Air and Ocean Freight, with Ocean Freight more impacted by yield adjustments.



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“ViYASA” National Business Facilitation Centre (NBFC) to be opened tomorrow (22)

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The National Business Facilitation Centre (NBFC), which is being established under the Presidential Secretariat with the aim of removing administrative and regulatory barriers that exist among government institutions in relation to investment and industry and expediting these processes, will be opened tomorrow (22).

The centre is being established on the President’s initiative with the aim of bringing about a positive transformation in the industrial sector. The centre will provide solutions to issues that arise in dealing with the government machinery when starting and operating a business, while also coordinating with the relevant government institutions to provide the necessary facilities.

The “ViYASA” National Business Facilitation Centre (NBFC) has been established at Building C-80, Hector Kobbekaduwa Mawatha, Colombo 07, and is headed by Senior Additional( Secretary to the President, Seevali Arukgoda.

The centre will be opened under the patronage of Minister of Labour and Deputy Minister of Finance and Planning Dr Anil Jayantha Fernando and Minister of Industry and Entrepreneurship Development Sunil Handunnetti, with the participation of Secretary to the President Dr Nandika Sanath Kumanayake.

The website https://nbfc.presidentsoffice.gov.lk is also scheduled to be officially launched on the occasion.

President’s Media Division)

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Charting a worker-centered AI future: Colombo hosts landmark ITF conference

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The ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka

By Sanath Nanayakkare

Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.

These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.

Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.

As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.

Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.

Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.

Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.

Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.

Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.

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Bridging the digital divide: Sri Lanka’s airport licence challenge

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As tourism surges from digitally advanced markets like India, modern independent travelers arriving at BIA find themselves caught in a mismatch between cloudstored credentials and local paper-based transport protocols.

By Sanath Nanayakkare

As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).

While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.

This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.

The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.

Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.

For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.

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