Odel buys Colombo 7 land for Rs. 800 m; flagship mall coming

Thursday, 10 April 2014 01:48 -     - {{hitsCtrl.values.hits}}

To boost its business, Odel Plc has acquired additional land adjoining its main outlet in Colombo 7 for Rs. 800 million. The company said the newly-acquired land will enable it to carry out an anticipated expansion plan by which it will be able to create a flagship mall in Colombo. The land acquired include premises bearing assessment numbers 17, 17/1, 17/1A, 19, 19A at Dr. C.W.W. Kannangara Mawatha, Colombo 7, adjoining its present premises at Alexandra/Ward Place, in Colombo 7. Malaysia’s Parkson Retail Asia Ltd. owns a 47.46% stake in Odel whilst founder and CEO Otara Gunewardene holds 29.7%. In the first nine months of FY14, Odel reported a net profit of Rs. 195.7 million, up by 12.6% over the corresponding period of the last year. Revenue amounted to Rs. 3.4 billion, down by 2.5% due to a slow-down in retail sales and the impact of the imposition of Value Added Tax on sales. Odel refurbished and upgraded its Nugegoda store, re-designed and re-launched its store at the Bandaranaike International Airport (BIA) and opened two new stores – a ‘Luv SL’ store at Negombo and the second largest Odel store in Sri Lanka, at K-Zone Ja-Ela. The company’s fifth Luv SL store opened in Galle in February.