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07 February, 2013 07:29 AM Source:

Sri Lanka’s ODEL PLC, a part of Parkson Retail Asia Limited, has posted a net profit Rs. 185.8 million, during the nine month period ended on the 31st of December, 2012, a 5% growth over the same period of the previous year.

The firm’s turnover for the nine months have also grown by 21% year on year to record a sum of Rs. 3.47 billion.

The fashion retailers profit before tax at the end of the third quarter of the ongoing financial year stands at Rs. 253.9 million, an 8% growth over the same period of last year.

“While we are encouraged by the growth in sales across the store network, we remain cautious in forecasting the year end results for ODEL, mainly due to the possible impacts of the VAT that was introduced from 1st January 2013”, CEO of the firm, Ms. Otara Gunewardene was quoted in a statement issued by the firm. More...

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