Softlogic gross profit reaches Rs. 18.8 bn | Daily News

Softlogic gross profit reaches Rs. 18.8 bn

Softlogic Holdings PLC Gross Profit reached Rs. 18.8 Bn while quarterly Gross Profit was Rs. 7.8 Bn for the nine months ending 31st December 2020.

Group turnover consolidated at Rs. 22 Bn during the quarter while cumulative revenue was Rs. 57.9 Bn during the first nine months of the financial year. Cumulative Group EBITDA reached Rs. 7.5 Bn while Rs. 3.7 Bn was reported for the quarter.

Operating profit for the quarter was Rs. 2.8 Bn while the cumulative operating profit reached Rs. 4.8 Bn. The reduced volatility in the interest rate regime has resulted in the change in insurance contract liabilities to decline. The quarter witnessed a transfer of Rs. 593 Mn in comparison to Rs. 707 Mn transfer last year. A transfer of Rs. 2.99 Bn was recorded for the cumulative period compared to Rs. 1.5 Bn in 1-3QFY20.

Quarterly PBT recorded more than a two-fold increase to Rs. 985 Mn while PAT for the quarter recorded an increase of 99% to Rs. 780 Mn.

“With the rollout of the vaccines currently taking place, and coinciding with the airport reopening, the economy will have a slow but steady recovery when tourism and export sectors propel the nation forward with increased FOREX earnings, employment generation, improved purchasing power,” Chairman Ashok Pathirage stated.

The third-quarter results have validated our hitherto ambitious forays into Retail, Healthcare and Financial Services sectors. With the GOSL vaccines plan being implemented, resumption of robust economic activity is bound to augment the Group’s growth imperatives further with consumer confidence becoming more positive as the days pass by.

No doubt Sri Lanka’s economy is closely intertwined with the global economy and pent-up tourism will become one of the greatest boons in history when tourists identify Sri Lanka as a destination which managed its COVID-related issues and death rates with exemplarily low incident rates.

With tourism closely linked to our economy, the Group’s Retail and Hotel arm would become one of its chief beneficiaries.

Furthermore, Healthcare and Life insurance will continue to dominate their increasing leadership positions stemming from the ensuing fear of uncertainty of overcoming global health risks. Notwithstanding this, our investments in Omni-platforms where the Group possess an enviable database - data mining and targeting consumers under our loyalty programmes - will give us unrivalled comparative advantages.