Softlogic Finance records phenomenal fy 2011/12

Softlogic Finance PLC, the leasing and finance arm of a diversified group Softlogic Holdings, posted an exceptional 2011/12 financial year, recording an income of Rs. 1,531 million for the year ended 31st March 2012, which marks an increase of 135% over the previous year's income of Rs. 651 million.

Strident growth is evident across all its financial indicators. Its Profit after Tax echoed similar sentiments, recording Rs. 106 million compared to Rs. 69 million in the preceding year, marking a clear 54% jump.

Ashok Pathirage, Chairman of Softlogic Holdings, the parent group of Softlogic Finance PLC, said: "I am gratified by the impressive financial results delivered by Softlogic Finance PLC within a short period while since its acquisition by the Softlogic Group. This exceptional financial performance has vindicated our decision to invest in financial services which we espied much potential. Today, Softlogic Finance PLC is fully backed by the strength, reach and expertise of the Softlogic Holdings.

We have exciting plans in store to propel our company into the forefront of the finance industry. Softlogic Finance has performed admirably on key performance indicators and I am confident that it will continue to meet and exceed expectations of investors and customers in the future as well." Aiming to be one of the top five finance companies in the country, Softlogic Finance PLC holds an impressive portfolio of customer assets amounting to Rs. 8.1 billion currently.

The company continues to stay focused on its core target of SMEs that are considered the backbone of the Sri Lankan economy. Total company assets which stood at Rs. 4.4 billion at March 31, 2011 more than doubled during the financial year to reach Rs. 10.1 billion as at 31st March 2012.

The financial year under consideration proved to be extremely fortuitous for the company in the realm of deposit mobilization.