Sri Lanka Softlogic December net up 10-pct

Feb 18, 2015 (LBO) – Sri Lanka’s Softlogic Holdings December 2014 quarter net profit rose 10 percent to 179.1 million rupees from a year ago with big contributions from healthcare and IT and financial sector, interim accounts showed.

Sales in the quarter rose 52 percent to 7.1 billion rupees from the previous year.
Other operating income were up 115 percent to 520 million rupees.
Basic earnings per share were 23 cents for the quarter compared with 21 cents the year before, the accounts showed.

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.

Group revenues for the quarter rose 46 percent to 11.09 billion rupees and gross profits grew 36 percent to 3.9 billion rupees.

The increasing operational expenses can be explained with the Group‟s retail expansion and consolidation of Odel PLC, the report said.

Finance income was down by 184 percent to 243 million rupees, compared to a positive 287 million last year.

“This was due to mark-to-market losses on Asian Alliance Insurance PLC‟s equity investment portfolio during the quarter,” Chairman Ashok Pathirage said in the report.

The group said retailing after tax profits were up 13.3 percent to 212 million rupees.

Revenues in healthcare up 8.9 percent to 2.2 billion rupees.

Pathirage said, preconstruction procedure is in progress and sub structural work to commence by April 2015 for Asiri Hospital Kandy (Pvt) Ltd whilst the face-lift of Asiri Hospital Holdings – Kirula Road. The construction of the new state-of-the-art laboratory building adjacent to the hospital commenced construction in January and targets completion by December 2015.

Softlogic Stockbrokers had brought revenues of 166 million rupees while 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.