Odel reports sales of Rs. 4.6 b in 2013-14

Saturday, 31 May 2014 00:00 - - {{hitsCtrl.values.hits}}

Odel PLC has posted sales of Rs. 4.6 billion for 2013-14, a marginal 1.5% growth over 2012-13. Filing its income statements with the CSE, Sri Lanka’s premier fashion and lifestyle retailer reported operating profit of Rs. 332 million for the 12 months ending 31 March 2014, an increase of 7.6%, with Other Income of Rs. 225 million, principally from the investment of proceeds of the company’s December 2012 Rights Issue. The Group said finance costs reduced by 25% to Rs. 120 million, enabling profit before tax of Rs. 216.8 million, which was down 6% over the previous year. Net profit for the year was Rs. 192.5 million, an improvement of 22%. In the year reviewed, the company opened three new stores – a ‘Luv SL’ store at Negombo, an Odel store at K-Zone Ja-Ela and the largest ‘Luv SL’ store in the country inside the Galle Fort. The company also refurbished and upgraded its Nugegoda store and re-designed and re-launched its store at the Bandaranaike International Airport (BIA).

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