Softlogic Holdings share price gains by 24% on return to trading

The share price of Softlogic Holdings PLC (SHL) gained yesterday when it returned to trading at the Colombo stock market after a four month hiatus due to suspension.

SHL saw 6.4 million of its shares trade for Rs. 68 million via 1,281 trades. It ended at Rs. 11.20, up by 24.4% or Rs. 2.20.

Trading of SHL shares was suspended on 8 December 2023 for non-submission of Annual Report for the year ended 31 March 2023. The Annual Report for FY23 was released on Wednesday (17 April) whilst Interim Financial Statement for the period ended 31 December 2023 (first nine months of FY24) was released on 15 March.

For FY23, SHL reported a Group after tax loss of Rs. 23.6 billion. In 3Q of FY24, Group PAT improved 76.7% to trim the losses to Rs. 1.7 billion while taking cumulative first nine months losses to Rs. 10.5 billion (post-adjustments) compared with Rs. 13.9 billion loss in the comparative period.

Retained losses as at 31 December 2023 amounted to Rs. 64.5 billion, as against Rs. 41.7 billion a year ago and Rs. 51.5 billion as at end FY23.