Sri Lanka’s Softlogic group net up 10-pct in Dec quarter

COLOMBO (EconomyNext) – Profits at Sri Lanka’s Softlogc Holdings Plc, which has interests in finance, healthcare and retail rose 10 percent from a year earlier to 179.1 million in the December 2014 quarter, interim accounts showed.

The group reported earnings of 23 cents per share. For the nine months to September the group reported earnings of 42 cents per share, on total profits of 322 million rupees which grew 64 percent. The stock closed at 15.00 rupees Monday, down 20 cents.

Group revenues for the quarter rose 46 percent to 11.09 billion rupees and cost of sales grew 52 percent to 7.1 billion rupees, allowing gross profits to grow 36 percent to 3.9 billion rupees.

Revenues and costs rose as ODEL, a fashion retailer acquired by the group was consolidated into group accounts.

Unspecified other operating income grew 114 percent to 520 million rupees.

Finance income was a negative 243 million rupees, compared to a positive 287 million last year due to marked-to-market losses in the share portfolio of Asian Alliance Insurance, Chairman Ashok Pathirage said.

The group said it now had 195 consumer retail outlets with a total areas of 260,000 square feet. Retailing including ODEL brought in after tax profits of 212 million rupees up 13.9 percent.

Revenues in healthcare had risen 8.9 percent to 2.2 billion rupees. Piling and sub-structural work and Asiri Hospital Kandy is to start in April 2015. A new lab would be built in Colombo and the first Asiri Hospital in Kirula Road was being refurbished.

Softlogic Stockbrokers had brought revenues of 166 million rupees and become one of the top three brokers.

Automobiles had brought in revenues of 284 million rupees, up from 66 million rupees a year earlier, helped by bus sales. The firm has started selling King Long buses which were well accepted by the tourist industry, the firm said.

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But the sector had a loss due to write downs of outdated inventory.

Automobiles are expected to benefit from a 1.5 million license fee introduced in the budget to wipe out small enterprises limiting competition.

 

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