Softlogic Group posts Rs 466 m PBT in 1Q
The Softlogic Group recorded a turnover of Rs 4.4bn for the first
quarter of 2011/12, ending June 30, 2011, as compared to Rs 1.674bn for
the corresponding period in 2010/2011.
|
Ashok Pathirage |
This was partly due to the consolidation of Asiri Group results which
contributed Rs 1.3 billion to the turnover. This marked an increase of
162 percent year on year, resulting in the Group recording a Gross
Profit of Rs 1.5bn.
The Profit Before Tax (PBT) for the Group in the first quarter was Rs
466 million against the Rs 146 million reported in the same quarter of
2010/2011, recording a growth in PBT of 218 percent YoY.
The Profit After Tax (PAT) for the group in the same quarter was Rs
368mn as compared to Rs 103mn for the same period in the previous year,
indicating an increase of 257 percent.
This 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.
The ICT sector of the Group reported an increased turnover figure of
Rs 1.5 billion and a PBT of Rs 116 million which is a 17 percent YoY
growth.
The telecommunications business continues to maintain its market
leadership. |
