Softlogic Finance records exceptional growth in 3Q

Friday, 19 February 2016 00:00 - - {{hitsCtrl.values.hits}}

Softlogic Finance PLC has reported remarkable growth and improvements in many key indicators including Profit Before Tax (PBT) and Net Profit, in the third quarter as well as the first nine months of the 2015/16 financial year.

Based on interim unaudited financial statements issued to the Colombo Stock Exchange (CSE) for the nine months ended 31 December 2015 (9MFY15/16), Softlogic Finance PLC boosted Net Profit by 48.47% year-on-year (YoY), to Rs. 227.18 million as well as Profit Before Tax by 50.04% YoY to Rs. 260.05 million. The growth was even more commendable considering the figures for the third quarter of the 2015/16 financial year (3QFY15/16) with Profit Before Tax increasing by an outstanding 70.06% YoY to Rs. 106.87 million and Net Profit by 66.98% YoY, to Rs. 102.01 million.

Despite decrease in Interest Income year-on-year as a result of the low interest environment which prevailed during 9MFY15/16, Net Operating Income rose by an impressive 15.16% YoY to Rs. 1,167.31 million, reflecting the company’s strong fundamentals and resilience, as well as prudent strategic shift particularly in its assets portfolio.

Total Assets as 31 December 2015 grew by a significant 11.56% YoY to Rs. 21,692.40 million, surpassing the growth of liabilities by 9.3% YoY to Rs. 19,630.42 million. Basic Earnings Per Share too improved from Rs. 1.63 to Rs. 2.01 in 3QFY15/16 from the corresponding quarter of the previous year while Net Assets Per Share as at 31 December 2015 stood at Rs. 40.57 – an improvement from Rs. 39.64 in the previous year. Impairments for Loans and Receivables too declined marginally (1.7% YoY) to Rs. 163.20 million in 3QFY15/16. The company added 11 branches to its network during the last nine months of the current financial year and at present has a network of 27 branches spread across the island.

Softlogic Finance PLC is part of the Softlogic Group that has interests in Healthcare, Retail, Financial Services, ICT, Leisure, Automobiles and Restaurants. The company is a Registered Finance Company under Finance Business Act No 42 of 2011, as well as being a Specialised Leasing Company, licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.