Friday, August 26, 2011

Softlogic Group posts Rs 466 m PBT in 1Q

The Softlogic Group recorded a turnover of Rs 4.4bn for the first quarter of 2011/12, ending June 30, 2011, as compared to Rs 1.674bn for the corresponding period in 2010/2011.

This was partly due to the consolidation of Asiri Group results which contributed Rs 1.3 billion to the turnover. This marked an increase of 162 percent year on year, resulting in the Group recording a Gross Profit of Rs 1.5bn.

The Profit Before Tax (PBT) for the Group in the first quarter was Rs 466 million against the Rs 146 million reported in the same quarter of 2010/2011, recording a growth in PBT of 218 percent YoY.

The Profit After Tax (PAT) for the group in the same quarter was Rs 368mn as compared to Rs 103mn for the same period in the previous year, indicating an increase of 257 percent.

This growth in profits does not reflect the interest savings from consolidation of the Group’s borrowing position consequent to the Initial Public Offering (IPO) of shares of Softlogic Group as the funds were received towards the end of the quarter.

The benefits of the interest savings will be reflected in the future periods.

The ICT sector of the Group reported an increased turnover figure of Rs 1.5 billion and a PBT of Rs 116 million which is a 17 percent YoY growth.

The telecommunications business continues to maintain its market leadership.
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