Softlogic Finance announces phenomenal first half

The Leasing and Finance arm of Softlogic Group - Softlogic Finance PLC, 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 b at March 31, 2011 rose by 82.15 percent within the first half of the new fiscal year to Rs. 8.084 b as at September 30, 2011. Compared to the Rs. 2.939 b recorded as at end September 2010, this reflects an overall growth of 238 percent over 12 months.

With its portfolio exceeding Rs. 8 b, Softlogic Finance is now considered within the "Large Finance Companies" category as classified by The Central Bank of Sri Lanka.

Softlogic Finance recorded an income of Rs. 639 m for the six months ended September 30, 2011, rising by 146 percent from the Rs. 260 m achieved at end September 2010. Profit after tax has mirrored the trend, increasing to Rs. 53.2 m from Rs. 22.5 m last year, a 136 percent 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.