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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka Softlogic Holdings in losses in March

Sri Lanka Softlogic Holdings in losses in March

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 02, 2012 (LBO) - Sri Lanka's Softlogic Holdings, which has interests in electronics, hospitals, financial services and leisure lost 74 million rupees in the March 2012 quarter, from a year earlier despite recording large fair value gains, interim accounts showed.

Soft Numbers Sri Lanka Softlogic Holdings lose Rs74mn March June 02, 2012 (LBO) - Sri Lanka's Softlogic Holdings, which has interests in electronics, hospitals, financial services and leisure lost 74 million rupees in the March 2012 quarter, from a year earlier despite recording large fair value gains, interim accounts showed.

The group reported losses of 10 cents per share in the quarter. For the year to March, earnings were 66 cents per share on profits of 493 million rupees, which fell 40 percent. The stock closed at 5.90 rupees, up 40 cents Friday.

Softlogic said revenues grew 33 percent to 5.3 billion rupees, expenses grew 33.4 percent to 3.5 billion rupees and gross profits kept pace, growing 32 percent to 1.80 billion rupees.

The firm charged 1.4 billion rupees on unspecified administrative expense, from 638 million rupees a year earlier.

At pre-tax level, profits fell to 149 million rupees in the March quarter from 220 million rupees a year earlier despite 346 million rupees in fair value gains.

Finance expenses rose to 604 million rupees from 394 million rupees.

Sri Lanka's interest rates have risen amid a balance of payments crisis, after interest rates were kept down too long with printed money by the Central Bank, when credit growth spiked due to loans taken by state energy enterprises to manipulate tariffs.

During the March quarter its healthcare business made profits of 401 million rupees, up from 108 million rupees a year earlier, information technology made 55 million rupees, down from 71 million rupees and retail made 62 million rupees, down from 305 million.

Leisure lost 9.6 million rupees, automobiles lost 7.4 million rupees and financial services lost 209 million rupees.
The group has assets of 45 billion rupees, of which 7.8 billion rupees was listed as intangible.

Net assets grew to 11.6 billion rupees from 5.3 billion rupees.

In 2012 assets grew rapidly from 29 billion rupees a year earlier amid acquisitions that were funded by debt and an initial public offer.

Interest bearing long term borrowings grew to 8.4 billion rupees by end March 2012 from 2.3 billion a year earlier. Short term borrowings fell to 5.1 billion rupees from 10.1 billion rupees but current loans payable rose to 7.7 billion rupees from 2.8 billion rupees.

Update II
http://lbo.lk/fullstory.php?nid=1514905875

ccsentha


Vice President - Equity Analytics
Vice President - Equity Analytics
thanks

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