Softlogic Capital PLC Chairman Ashok Pathirage recently stated that they are very keen to take capital markets to the absolute retail level by introducing investments that start at just Rs. 5,000. “We have now launched Softlogic Invest that operates two Unit Trusts and will also have a Fund Management business. We are very keen to take capital markets to the absolute retail level by introducing investments that start at just Rs. 5,000,” Pathirage told shareholders in the annual report 2019/20. Speaking further, Pathirage stated that they will continue to explore unique product propositions, backed by their investments in talent and technology on their journey towards sustainable growth. “We have had to press the re-set button at Softlogic Finance as the Company has not performed well and we now have in place one of the most experienced and capable teams to take us to our business goals. During the tough times, our commitment to our customers and deposit holders has remained paramount with the Company always carrying extra liquidity to service our customers at all times. Softlogic Stockbrokers also had to bear the brunt of the soft economy last year but we are happy to note that the CSE has resumed its stride following the competition of the presidential and parliamentary elections,” he added. The Group recorded its highest ever consolidated revenue of Rs. 17.8 billion during 2019/2020, in comparison to the revenue of Rs. 15 billion reported the previous year. The Group Profit After tax declined to Rs. 1,168 million for the year 2019/20 which is a 63% decline compared to PAT of Rs. 3,202 million. However, after normalising for a deferred tax element in the previous year Group profit before tax increased by 33% from Rs. 1,033 million to Rs. 1,370 million. As at the end of the financial year under review, the Group recorded a total asset base of Rs. 50,036 million. This was in comparison to the total asset base of Rs. 42,028 million held at the end of the previous financial year. The total equity attributable to equity holders of the parent company stood at Rs. 5,438 million as at 31 March 2020. This indicated a net asset per share of Rs. 7.90 which was a 5% increase over the net assets per share of Rs. 7.52 as at end of the previous financial year. Only the insurance company generated a profit for the year to the Group amounting to Rs. 1,918 Million whereas the other companies faced challenges during the year.
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