ODEL profit tops Rs 208 m in 2010-11

ODEL Group pre-tax profit recorded a 68 per cent increase to Rs 354.2 million over 2009-10, on turnover of Rs 3.3 billion, which was up 37 per cent, for the 12 months ended March 31, 2011.

Otara Gunawardene

Group Profit after tax grew by 48 per cent to Rs 208.9 million in a year in which the company focused on expansion of its presence and on enhancing shareholder value.

Basic earnings per share of the group for the 12 months grew by 47 per cent to Rs 1.49 from Rs 1.01 cents for the previous year.

Net assets per share improved by 41.4 per cent to Rs 9.63 at Company level and by 36 per cent to Rs 11.2 at Group level.

"Expansion justified by the post-conflict resurgence of Sri Lanka's economy, and a desire to enable a segment of our followers to share in the evolution and growth of the ODEL brand were the principal reasons for going public," ODEL founder and CEO Otara Gunewardene said. "We were greatly encouraged by the investor response and have focused our energies on building shareholder value and continuously improving our shopping experience," she said.

Since its listing in July 2010, ODEL has opened three new standalone stores at Battaramulla, Kiribathgoda and Kandy, and revamped its store at Lester James Peiris Mawatha, Colombo 5. In the months preceding the listing, the company opened stores in Mt. Lavinia, Moratuwa, Panadura and Maharagama. ODEL currently operates 15 stores in Sri Lanka.

ODEL paid an interim dividend of 25 cents per share in February 2011 in respect of the financial year 2010-11. The share closed at Rs 44.50 on May 24, 2011, nearly triple its issue price. ODEL PLC, Sri Lanka's only public quoted fashion retailer, has proposed a final dividend of Rs 0.25 per share for 2010-11, taking total dividend payout for the eight months since it was listed, to Rs 72,475,000.