Softlogic Finance posts phenomenal first half

Softlogic Finance PLC, announced an exceptional run in the first half of the current financial year, recording all-time highs across the board.

Increasingly gaining industry stature, the company has expanded rapidly, implementing a three year plan to gain significant market share and establish itself as a key player.

Total company assets which stood at Rs 4.438 billion at March 31, 2011 rose by 82.15% within the first half of the new fiscal year to Rs 8.084 billion as at September 30, 2011.

Compared to the Rs 2.939 billion recorded as at end September 2010, this reflects an overall growth of 238% over 12 months.

With its portfolio exceeding Rs 8 billion, Softlogic Finance is now considered within the "Large Finance Companies" category as classified by The Central Bank of Sri Lanka and has been rated as being Investment Grade by RAM Ratings.

In a recent development, the credit-rating agency accorded the BBB-/P3 (Stable) rating to Softlogic Finance, further ratifying the company's healthy credit policy and practices.

Softlogic Finance recorded an income of Rs 639 million for the six months ended September 30, 2011, rising by 146% from the Rs 260 million achieved at end September 2010.

Profit after tax has mirrored the trend, increasing to Rs 53.2 million from Rs 22.5 million last year, a 136% increase.

The exceptional result recorded at the end of this, the second quarter of fiscal year 2011/2012, confirms that the strategic growth plan of the company is being successfully implemented, with exciting milestones to be surpassed in the coming months, the company said.

The shareholder funds of the company doubled from the Rs 531 million recorded at March 31, 2011, to Rs 1.063 billion at the end of its extremely successful second quarter, accumulating an increase of 4.4 times to the preceding end-September figure of Rs 240 million.