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CCS.N0000 ( Ceylon Cold Stores)Wed Mar 20, 2024 11:31 amHawk Eye
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The Invisible
The Invisible
Posts : 3116
Join date : 2016-11-28
Age : 44

SHL.N0000 (Softlogic Holdings PLC) - Page 2 Empty Re: SHL.N0000 (Softlogic Holdings PLC)

Mon Jul 22, 2019 9:18 am
Message reputation : 100% (1 vote)
Sri Lanka's Softlogic group eyes Africa, Asia for expansion

Jul 22, 2019 07:20 AM GMT+0530 | 0 Comment(s)

ECONMYNEXT - Sri Lanka's Softlogic group, which has interests in healthcare, financial service and retail wants to expand into Africa and Asia, Chairman Ashok Pathirage has said, while looking for way to cut debt.

"Our vision has expanded beyond our shores and we are likely to commence operations of our successful Sectors in Asian and African markets to replicate our success in Sri Lanka," Pathirage told shareholders in the annual report.

"There is significant scope for expanding our internationally certified healthcare services in to neighbouring countries with positive outcomes while African markets demonstrate potential for insurance products.

"Understandably we are excited by our next growth phase as we seek to position the Softlogic Group as a leading player in the region in selected Sectors."

Softlogic has expanded with acquisitions in recent years which were funded with debt. In the past the firm has later cut gearing by raising equity.

"Higher levels of debt relative to peers has been part and parcel of our risk profile which has been proactively managed with forethought and foresight as evinced by managed exits to realise cash flow in the recent past," Pathirage said.

"We are evaluating several options for reducing debt and are likely to deploy several strategies to
achieve a satisfactory outcome to improve the financial gearing of the Group."

Softlogic was hit by monetary instability in 2018, leading to a collapse after the central bank printed money, which was worsened by a political crisis triggered by President Maithripala Sirisena.

In the year to March the group posted profits of 104 million rupees, down from 204 million rupees a year earlier after minority interest, on revenues of 75 billion rupees, which grew from 55 billion rupees. (Colombo/July22/2019)
Top contributor
Top contributor
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SHL.N0000 (Softlogic Holdings PLC) - Page 2 Empty SOFTLOGIC HOLDINGS PLC - CASH DIVIDEND

Tue Jul 30, 2019 6:35 pm
Voting share (N):
Date of initial announcement:30 Jul 2019
Dividend per share (Rs.) :Voting :0.500
Type of dividend :Final dividend
Financial year:31.03.2019
Shareholder approval:Not required
XD date :08 Aug 2019
Payment date :21 Aug 2019
Share transfer book:Open
The Invisible
The Invisible
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Join date : 2016-11-28
Age : 44

SHL.N0000 (Softlogic Holdings PLC) - Page 2 Empty Re: SHL.N0000 (Softlogic Holdings PLC)

Sun Aug 18, 2019 8:11 pm
Message reputation : 100% (1 vote)
Softlogic plunges to losses in June amid rising finance costs

ECONOMYNEXT- Sri Lanka's Softlogic Holdings Plc made 752.6 million rupees in net losses in the June 2019 quarter from a 49.7 million rupee profit a year earlier on higher finance costs and slower revenue growth following the Easter Sunday attacks, the firm said in its interim financial statement.
Softlogic made a loss of 63 cents per share. The share closed trading on Friday at 15.60 rupees.
Group-level revenue grew 7.1 per cent from a year earlier to 17.1 billion rupees in the June quarter while cost of sales rose 5.8 percent to 10.7 billion rupees and gross profits grew 9.6 percent to 6.4 billion rupees.
The firm, which has diversified interests including in retail, financial services, healthcare, tourism and automobiles said that its sales did not grow faster during the quarter due to the Easter Sunday attacks, which dampened tourist arrivals and domestic consumer demand.
"The first quarter of the financial year witnessed an unexpected disruption to the economy following the Easter Sunday attacks," Chairman Ashok Pathirage said in a statement.
"This woefully affected all sectors of the economy with hotels, hospitals and retail enduring the immediate impact of the aftermath of the Easter attacks," he said.
Financial cost grew 58.7 percent to 2.0 billion rupees while finance costs rose 82 percent to 571.5 million rupees.
Group-level long-term borrowings grew to 29.4 billion rupees as at end-June from 25.1 billion rupees as at end-March.
Short-term borrowings grew to 10.1 billion rupees from 9.8 billion rupees three months earlier while other current financial liabilities grew to 24.7 billion rupees from 23.1 billion rupees.
The group's retail and telecommunications segment posted 267.7 million rupees in losses during the quarter from a 182 million rupee profit a year earlier.
Pathirage said that a pickup in of retail activity, mainly from local demand with a slight improvement in tourist arrivals was seen toward the latter part of the quarter.
The Crystal Jade restaurant chain will open a new outlet at the One Galle Face by Shangri-La mall in October/November, he said.
Pathirage said that the supermarket chain will be expanded as well.
The leisure and property segment losses widened to 408.8 million rupees from 173.3 million rupee a year earlier on falling revenue at the Movenpick and Centara hotels due to lower tourist arrivals following the Easter Sunday attacks.
Healthcare service profits fell to 94.8 million rupees from 422 million rupees a year earlier with rising interest costs following the opening of a new hospital in Kandy.
Activity at the group's hospitals fell due to patients and employees fearing gathering in crowded spaces, Pathirage said.
The Group's financial services segment, which includes a non-bank finance company, an insurance firm and an investment arm posted profits of 394.6 million rupees, up from 226.7 million rupees a year earlier. (Colombo/ August 16/ 2019)
The Invisible
The Invisible
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SHL.N0000 (Softlogic Holdings PLC) - Page 2 Empty Re: SHL.N0000 (Softlogic Holdings PLC)

Sun Aug 18, 2019 8:14 pm
Message reputation : 100% (2 votes)
Softlogic plans five more supermarkets in Sri Lanka

ECONOMYNEXT - Sri Lanka’s Softlogic Holdings Plc is planning to expand its new Glomark supermarket chain with five more outlets, a top official said.
“We will be opening a Glomark Flagship store in CR&FC, Colombo 07 along with outlets in Mount Lavinia, Negombo, Rajagiriya and Malabe," Chairman Ashok Pathirage said in a statement.

The opening of a 'Glomark Essential' store which sells daily groceries in June at the Orion City IT park was delayed till August, he said.

Two ‘Glomark Essentials’ outlets have been opened the group's Asiri hospitals in Colombo and Kandy, he said.

“Encouraging results of our Delkanda and Kottawa Glomark outlets and Glomark Essential stores in Asiri Hospitals has been convincing to pursue the planned expansions in the supermarket proposition," Pathirage said.

Sri Lanka's supermarket space is competitive with the market leaders Cargills (388 outlets), Keells (96 outlets) and Arpico (49 Supercentres and daily outlets), according to each firms' latest annual reports.

Glomark has been a new entrant, together with the competing SPAR brand run by Ceylon Biscuits Limited. (Colombo/ August 17/ 2019)
The Invisible
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SHL.N0000 (Softlogic Holdings PLC) - Page 2 Empty Re: SHL.N0000 (Softlogic Holdings PLC)

Sun Nov 24, 2019 9:44 am
Message reputation : 100% (1 vote)
Softlogic to hive off equity to raise funds for retail expansion

ECONOMYNEXT- Sri Lanka’s Softlogic Holdings group plans to hive off equity to raise funds in its retail sector which was restructured under a retail holding company.

Softlogic group, which has interests in retail, financial services, healthcare, tourism and automobiles, made a loss of 762 million rupees in the September 2019 quarter, according to interim results filed with the stock exchange.

The company has high finance costs owing to borrowings with its core businesses only recovering slowly after April’s bombings which affected tourism and retail trade.

Softlogic Holdings chairman Ashok Pathirage said in a note accompanying the accounts the group’s capital raising measures in the retail sector were progressing well.

“We expect to raise such funds by way of hiving off equity before the close of this financial year.”

Softlogic has said it plans to fund the future capital spending requirements of the retail business at subsidiary level and to repay some of the debt extended by the holding company.

Fund raising for expansion purposes were envisaged with the creation of the retail holding company, ICRA Lanka rating agency has said.

Softlogic group’s ability to raise funds at subsidiary level to meet capital spending needs and improve profitability of subsidiaries, reducing borrowings from the holding company are crucial to improving its credit profile, it has said.

(COLOMBO, 22 November 2019)
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