The newly listed Softlogic Holdings PLC has recorded a net profit of Rs.275 million for the quarter ended June 30, 2011. This shows a169 percent increase in profits compared with the corresponding quarter of the previous year
The consolidated revenue of the group also rose 162 percent to Rs.4.4 billion during the period under consideration.
According to Softlogic Chairman Ashok Pathirage this was partly due to the consolidation of Asiri Group results which contributed Rs 1.3 billion to the turnover.
He also said that the growth in profits does not reflect the interest savings from consolidation of the Group’s borrowing position consequent to the Initial Public Offering (IPO) of shares of Softlogic Group as the funds were received towards the end of the quarter.
“The benefits of the interest savings will be reflected in the future periods” Pathirage noted.
Softliogic has business interests in information technology, hospitals, retail, hotels, motor and insurance.