ODEL earns a net profit of Rs. 202 million

Sri Lanka’s up market fashion retailer ODEL PLC says, its same-store growth and expanded reach has helped the firm to achieve a net profit of Rs. 202 million during the 12 months, which ended on the 31st of March 2012.

The firm has posted a sales revenue of Rs. 3.8 billion during the year under review while its profit before tax has figured a sum of Rs. 264 million.

ODEL’s group turnover during the year 2011/2012 financial year has recorded a 15% growth.

The firm says contributions to its turnover were enhanced by the consolidation of revenue from four new stores opened during the year under review and sales generated by expansion of existing stores.

“Our expanded reach and same-store growth helped the top line” ODEL founder and CEO Otara Gunawardena was quoted saying in a media release issued by the fashion retailer.

The expansions which has taken place during the year under review has resulted in ODEL incurring a  higher finance expenses, which has seen a year on year growth of 64% to stand at Rs. 110 million.

The firm’s administration costs too have gone up during the year 2011 / 2012.

On the basis of the latest financial results, ODEL has declared a final dividend of 25 cents per share for the year.

The fashion retailer as of now operates around 16 stores covering many cities in the capital Colombo, while it also has a store located in the Kandy city.

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