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Sunday, 10 February 2013

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Odel posts 21% sales growth in 3Q

Odel has reported a turnover of Rs 3.47 b for the nine months ending December 31, 2012, posting a growth of 21 percent over the corresponding period of the previous year.According to financial statements filed with the Colombo Stock Exchange, the fashion retailer has achieved a profit before tax of Rs 253.9 m at the end of the third quarter of the year, an improvement of 8 percent.Net profit for the nine months was up 5 percent to Rs 185.8 m.In July 2012 Parkson Retail Asia Limited purchased a 41.82 percent stake in the company for Rs 1.424 b and increased its holding to 47.46 per cent at the conclusion of the subsequent mandatory offer to minority shareholders and a 1 for 1 Rights Issue in December 2012 that raised Rs 2.5 b in capital.

Subsequent to this infusion of capital, Odel has reduced its interest bearing borrowings to Rs 738 m as at December 31, 2012 from Rs 1,277 m a year ago, and reported cash and bank balances of Rs 2 b at the end of the period under review. The company's stated capital increased from Rs 251.9 m at the end of 3Q 2011-12 to Rs 2.795 b at December 31, 2012.

CEO Ms. Otara Gunewardene said, "While we are encouraged by the growth in sales across the store network, we remain cautious in forecasting the year end results for Odel, mainly due to the possible impacts of the VAT that was introduced from January 1, 2013. However, we are optimistic as we feel that we have laid the foundation for long term growth and Odel is now ready to enter its next phase of development."

 

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