Sri Lanka’s Softlogic makes loss in Dec quarter, expands supermarkets chain

ECONOMYNEXT – Sri Lanka’s diversified Softlogic Holdings group made a big loss in the December 2018 quarter but reported plans to continue expanding its new chain of supermarkets as it was optimistic about future consumer demand.

The group made a loss of 347 million rupees in the December 2018 quarter compared with net profits of 77 million rupees the previous year, interim results filed with the stock exchange showed.

The quarterly loss per share was 29 cents. The share last traded at 18.80 rupees.

December 2018 quarter sales rose seven percent to 19.7 billion rupees.

In the nine months to December 2018, group EPS was 50 cents with net profits down slightly to 75 million rupees.

Softlogic group chairman Ashok Pathirage told shareholders their new ‘Softlogic Glomark’ supermarket outlet in the suburb of Delkanda attracted positive customer response with the outlet performance exceeding expectations.

“We will be opening in Kottawa, Mount Lavinia, Colombo 7, Negombo, and Malabe,” he said. “An essential outlet concept of around 2,000-3,000 square feet is being developed to be set up at Asiri Central, Asiri Kandy, Orion City and in Kurunegala.”
 (Colombo/February 20/2019-SB)

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