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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's Softlogic Holdings net up 24-pct

Sri Lanka's Softlogic Holdings net up 24-pct

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Feb 16, 2013 (LBO) - Sri Lanka's Softlogic Holdings, said net profits rose 24 percent to 84 million rupees in the December 2012 quarter, helped by health care profits and a lower tax bill despite a steep rise in interest costs.

Softlogic also has interests in electronics retailing, financial services and leisure.

The group reported earnings of 11 cents per share for the quarter. For the nine months to December it reported earnings of 37 cents per share on profits 289 million rupees, which fell 49 percent.

The stock closed at 11.50 rupees Friday.

In the December quarter revenues rose 12 percent to 6.8 billion rupees, expenses rose at a faster 4.49 billion rupees and gross profit rose 9.6 percent to 2.3 billion rupees.

Group finance expenses rose to 795 million rupees from 484 million rupees.

Chairman Ashok Pathirage told shareholders that a weakened exchange rate and higher interest rates were compounded by bad weather which reduced consumer spending but there seemed to be a recovery in the final quarter.

The retail section had launched 'Mothercare', a mini-department store 'Galleria' was opened and Apple brand was added to electronics.

The group was also expecting to sell down a 19 percent stake in Asian Alliance Insurance to DEG and FMO, two foreign development lenders that will help cut debt.

The automobile division had made a loss. Two hotels were being built by the leisure division.
http://lbo.lk/fullstory.php?nid=535777678

bakapandithaya

bakapandithaya
Vice President - Equity Analytics
Vice President - Equity Analytics
SHL Question

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