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13 February, 2015 07:39 AM Source: Financial Times - Sri Lanka

Odel PLC has reported a quarterly (3QFY15) turnover of Rs. 1.4 b from Rs. 1.38 b last year, taking the cumulative turnover to Rs. 3.7 b for the nine months as against Rs. 3.5 b in the comparative period.
Chairman Ashok Pathirage said a notable improvement in gross profit margins took place during the quarter to 40.2% from 36.5% in 3QFY14.
A decline in operational cost margins was also noted during 3QFY15 to 31.5% from 34.2% in the comparative quarter which consequently improved operating profit margins to 10.1% from 6.3%. cumulative operating profit (excluding other operating income) improved by 30.8% to Rs. 158.7 m whilst the same for the quarter reached Rs. 122.5 m from Rs. 31.5 m in the comparative quarter.
PAT for the nine-month period reached Rs. 144 m (Rs. 183.7 m in 1-3QFY15). However the quarter achieved a PAT growth of 130.7% to Rs. 106.2 m from Rs. 46.0 m in the comparative period.
“The most pressing objective right now is to extract the maximum pathway to synergise Softlogic Retail’s operations with Odel to boost efficiencies and bottom line performance,” Pathirage said.
“We are in the phase of reducing the overheads by synergising and consolidating our retail base by eliminating any cost-duplication or excess resources. Accomplishing this is seen as a key driver to deliver better EBITDA. The increase in activity levels and cost-sharing approach post consolidation has absorbed and mitigated fixed costs,” the Chairman added.

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