Softlogic Capital reports Rs1.1 bln profit for year to March

Sept 02, 2016 (LBO) - Softlogic Capital PLC, the financial services holding company of the Softlogic Group, said it crossed the billion rupee profit mark and reported profit after tax of 1.1 billion rupees for the financial year ended March 2016. The result was a substantial increase of 45 percent compared with the previous year’s 782 million rupees, the company said. Turnover for the sector after consolidation was 11.1 billion rupees, an increase of 12 percent compared with the previous year. Total assets of the sector were 34.7 billion rupees. The Financial Services Sector contributed 16.7 percent to the top line of the Softlogic Group with revenues of 11.1 billion rupees making it "one of the major investment successes that the Group has achieved," the company said. The Softlogic Group that entered the financial services arena in the latter part of 2010, within a short period of just four years, has quickly moved to streamline and significantly enhance its acquisitions in Insurance, Finance & Leasing and Stockbroking. "The Sector has focused on developing the teams in each business, upgrading talent, enabling breakthrough product development and enhancing the brand awareness of the respective companies to fast track business acquisition." As part of this focused effort, Asian Alliance Insurance signed an SSPA with Fairfax Group to divest its General Insurance business and will now concentrate entirely on the thriving Life business. The company said highlights for the year included the following: - Asian Alliance Insurance recorded a Profit of Rs 924.3 Million with Life Insurance recording a top line of Rs 4.1 Billion for the year growing 34%, whilst General Insurance recorded a top line of Rs. 1.9 Billion, growing by 15%. - Softlogic Finance recorded PAT of Rs. 375 Million, increasing by 73% whilst Total Assets of the company were recorded at Rs. 20.9 billion. - Softlogic Stockbrokers generated revenues of Rs. 263 Million that was an increase of 59% compared with the previous year, and was ranked second in the market, Softlogic Capital PLC is part of the Softlogic Group that is one of Sri Lanka’s fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. The Board of the Company comprises Ashok Pathirage Chairman, Iftikar Ahamed Managing Director, Lucille Wijewardena, Ajitha Pasquel and Harris Premaratne.