Sri Lanka’s Odel Sept quarter net loss widens 8.4-pct to Rs704mn

EconomyNext reports that Odel PLC’s group loss reached Rs. 704.1 million in the three months to September 30, compared with Rs. 649.3 million in the corresponding period a year before. The loss per share was Rs. 1.31, versus Rs. 1.21 in the earlier quarter.

EconomyNext reports sales revenue climbed 13.5% to Rs. 1.85 billion. Fashion retail brought in Rs. 1.71 billion, accounting for 92.7% of external turnover, while commission and rent income totalled Rs. 134.4 million. However, sales costs advanced 23.4% to Rs. 972.0 million. Gross profit rose 4.3% to Rs. 875.0 million, and the gross margin narrowed from 51.6% to 47.4%.

EconomyNext reports the operating deficit grew 27.6% to Rs. 270.5 million, with administrative costs rising 11.2% to Rs. 1.07 billion. Distribution expenses declined 8.6% to Rs. 75.9 million, and other income was Rs. 3.5 million. Finance costs eased 1.3% to Rs. 434.7 million, while finance income fell 64.2% to Rs. 1.2 million.

EconomyNext reports that by September 30, non-current borrowing had risen 37.5% year on year to Rs. 15.42 billion, while short-term borrowing was down 30.1% to Rs. 6.10 billion. The outlet says Rs. 4.21 billion in medium- and long-term loans drawn in the first half went toward repaying short-term debt and reducing bank overdrafts by half, to Rs. 983.8 million. Short-term amounts owed to related parties increased 27.3% to Rs. 7.02 billion, which EconomyNext links to continued funding from the parent group.

EconomyNext reports that Odel Properties One (Pvt) Ltd, a subsidiary, had completed work worth Rs. 7.58 billion on its Rs. 9.81 billion Ward Place development.