Ceylon FT: Softlogic Holdings PLC showed a profit of Rs 803.12 million for the nine months ended 31 December 2013, up 321.55% from a year ago boosted by strong performances in healthcare, IT, retail and financial services operations, interim financial results showed.
Revenue grew 14.32% to Rs 21.7 billion and gross profit grew 22.7% to Rs 7.4 billion.
The leisure sector saw losses expand 80.3% to Rs 62.2 million, up from Rs 34.5 million a year ago.
"The hotel project at Bentota - Centara Ceysands Luxury Resort & Spa -is nearing its completion. This new resort, situated in idyllic location with a blend of luxury and unprecedented style, will open its doors for external guests in April 2014; hence this would add to the group's consolidated performance in FY14/15E.
"The automobile sector is through a challenging phase until such a time the removal of those selective duty waivers is instituted. However, we are now focusing in related diversification to overcome the systemic challenges," the chairman said.
Financial services reported a turnaround, making Rs 56.7 million in profits after a Rs 322.3 million loss the previous year.
"...(the) comprehensive financial service portfolio is well positioned to continue on its platform of aggressive growth, leveraging on its accelerated growth in customer base acquired from diverse sectors of the overall group. Total assets of the sector were Rs 27.4 billion as at 31 December 2013 and recorded an increase of 15% for the nine-month period compared with Rs 23.8 billion as at 31 March 2013."
The healthcare sector reported a Rs 1.02 billion profit, up 50.22% from Rs 679 million a year ago.
"The hospital chain witnessed strong performance in line with their business peak period during the latter of the calendar year when corporate medical insurance claims also crystallize. The management is quite confident of commissioning a Bone Marrow Transplant Unit at Central Hospital Limited during 4QFY14.
A loss of Rs 798.6 million was reported in 'other' segments, up 53.5% from a Rs 520.3 million loss a year ago.
www.ceylontoday.lk
Revenue grew 14.32% to Rs 21.7 billion and gross profit grew 22.7% to Rs 7.4 billion.
Net finance costs fell 14.7% to Rs 1.38 billion, distribution costs increased 22.9% to Rs 1 billion and administrative expenses grew 21.33% to 4.39 billion.
Change in fair value of investment property amounted to a Rs 7.4 million gain and share of profit of equity account investees fell 24.5% to Rs 8.2 million.
Change in fair value of investment property amounted to a Rs 7.4 million gain and share of profit of equity account investees fell 24.5% to Rs 8.2 million.
The IT segment reported a profit of Rs 195 million, up 21.11% from Rs 161 million a year ago.
"The IT business has been moving forward successfully. The business is now diversifying its focus beyond end-user computing towards enterprise computing. We provide nearly 50%-60% of storage business to EMC, the largest storage supplier in the country. We also tied up with EMC and Lenovo for the back-up recovery system space. A number of contracts have already been struck for this solution. We are targeting the end-user computing via Lenovo and Apple.
Considerable effort has been expended in Continuous Professional Development (CPD) for corporate software security solution," Softlogic Holdings Chairman Ashok Pathirage told shareholders.
The retail sector reported a profit of Rs 412.3 million, up 61.3% from 255.5 million a year ago.
"...with the implication of the new VAT law restricting the retail industry's overall exemption of sales for qualifying items the retail industry is unsure as to how to treat the negative impact arising from this without affecting consumer demand. Industry as a whole has appealed to the authorities in this instance, otherwise, the future of the consumer electronics and durables segment may find it increasingly difficult to operate should these warning go unheeded," he said.
"The IT business has been moving forward successfully. The business is now diversifying its focus beyond end-user computing towards enterprise computing. We provide nearly 50%-60% of storage business to EMC, the largest storage supplier in the country. We also tied up with EMC and Lenovo for the back-up recovery system space. A number of contracts have already been struck for this solution. We are targeting the end-user computing via Lenovo and Apple.
Considerable effort has been expended in Continuous Professional Development (CPD) for corporate software security solution," Softlogic Holdings Chairman Ashok Pathirage told shareholders.
The retail sector reported a profit of Rs 412.3 million, up 61.3% from 255.5 million a year ago.
"...with the implication of the new VAT law restricting the retail industry's overall exemption of sales for qualifying items the retail industry is unsure as to how to treat the negative impact arising from this without affecting consumer demand. Industry as a whole has appealed to the authorities in this instance, otherwise, the future of the consumer electronics and durables segment may find it increasingly difficult to operate should these warning go unheeded," he said.
The leisure sector saw losses expand 80.3% to Rs 62.2 million, up from Rs 34.5 million a year ago.
"The hotel project at Bentota - Centara Ceysands Luxury Resort & Spa -is nearing its completion. This new resort, situated in idyllic location with a blend of luxury and unprecedented style, will open its doors for external guests in April 2014; hence this would add to the group's consolidated performance in FY14/15E.
Construction of Movenpick City Hotel is progressing as per the envisaged time lines. With the completion of the transfer floor at Level six as of 10 February, the target date for opening the five star hotel remains on course – 15 September," Pathirage said.
The automobile sector saw losses contract to Rs 20.5 million, down 26.5% from Rs 27.9 million a year ago.
"The automobile sector is through a challenging phase until such a time the removal of those selective duty waivers is instituted. However, we are now focusing in related diversification to overcome the systemic challenges," the chairman said.
Financial services reported a turnaround, making Rs 56.7 million in profits after a Rs 322.3 million loss the previous year.
"...(the) comprehensive financial service portfolio is well positioned to continue on its platform of aggressive growth, leveraging on its accelerated growth in customer base acquired from diverse sectors of the overall group. Total assets of the sector were Rs 27.4 billion as at 31 December 2013 and recorded an increase of 15% for the nine-month period compared with Rs 23.8 billion as at 31 March 2013."
The healthcare sector reported a Rs 1.02 billion profit, up 50.22% from Rs 679 million a year ago.
"The hospital chain witnessed strong performance in line with their business peak period during the latter of the calendar year when corporate medical insurance claims also crystallize. The management is quite confident of commissioning a Bone Marrow Transplant Unit at Central Hospital Limited during 4QFY14.
Asiri Hospital Holdings acquired 37.4% stake in the Central Hospitals Ltd., for a total consideration of Rs 2.4 billion from the hospital's private placement investors. Asiri Hospital Holdings now holds 90% effectively in the Central Hospitals Ltd. This assuredly would lead to further enhancement of Asiri group earnings and, hence, the overall Softlogic Holdings earnings, in the upcoming periods," Pathirage said.
A loss of Rs 798.6 million was reported in 'other' segments, up 53.5% from a Rs 520.3 million loss a year ago.
www.ceylontoday.lk
No comments:
Post a Comment