17 November 2020
The Weekly
Sri Lanka

Softlogic, ODEL's parent company, lost 1.09bn rupees in the September quarter, up 44% from a year though losses were sharply down from the June quarter amid a recovery in hospital and retail. In the June quarter Softlogic lost 2.8bn rupees in the June 2020 quarter paying 2.4bn rupees in interest amid Coronavirus lockdowns. The health care sector made a profit 609mn rupees (US$3.28mn) in the September 2020 quarter up from 218mn last year, recovering from a loss of 392mn June. Retail and telecom lost 548mn rupees in September, sharply down from a 1.2-bn-rupee loss in June. A strategic decision to shift its sales channel to online (Omni-Channel) was made and more resources are allocated to those potential segments said Chairman & CEO Ashok Pathirage.