Softlogic Holdings 1Q after tax profit up 41% to Rs. 428.4 m

Thursday, 18 August 2016 00:00 - - {{hitsCtrl.values.hits}}

Softlogic Holdings on Tuesday announced that consolidated profit before tax improved 13.2% to Rs. 533.1 million taking the profit after taxation for the first three months of FY2016/17 to Rs. 428.4 million, a 40.8% improvement compared to last year.

Softlogic Holdings Chairman Ashok Pathirage in his review accompanying interim results said, “The first quarter financial results of FY2016/17 reflected mixed fortunes.”

Group revenue increased a strong 13.3% to Rs. 14.8 Bn for the quarter. Group turnover was primarily dominated by its fully-owned sectors – Retail (32.1%) and ICT (30.6%). Financial Services improved its contribution to Group revenue to 17.2% whilst Healthcare Services sustained its turnover contribution at 16.4%.

Gross Profit registered a marginal improvement of 4.2% to Rs. 4.5 Bn during the first three months of the financial year.

Pathirage said despite challenging times ahead, a rising business confidence level following policy framework changes would ensure that the negative climate would be offset by robust consumer demand.

He said that the overall economic value creation of Softlogic continues unimpeded due to the recognition of the inherent value of the businesses which are in the right economic sectors.