ODEL posts 21% sales growth in 3Q

ODEL has reported turnover of Rs 3.47 billion 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, Sri Lanka's top fashion retailer has achieved profit before tax of Rs 253.9 million 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 million.

In July 2012 Parkson Retail Asia Limited purchased a 41.82 percent stake in the company for Rs 1.424 billion and increased its holding to 47.46 percent at the conclusion of the subsequent mandatory offer to minority shareholders and a one for one Rights Issue in December 2012 that raised Rs 2.5 billion in capital.