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Sri Lanka’s Odel December net profit down 61-pct

ECONOMYNEXT –Sri Lankan retailer Odel said December 2016 quarter net profit fell 61% to Rs60 million from a year ago.

December quarter sales rose 6% to Rs1.9 billion over the same period, according to interim accounts filed with the stock exchange.
The accounts showed much higher administrative expenses and finance costs.

Quarterly earnings per share of Odel, part of the Softlogic group, were 22 cents. The share was trading at Rs21.80 in mid-morning trade Thursday.

In the nine months ending December 2016, EPS was 62 cents with net profit down 31% to Rs170 million while sales rose 8.3% to Rs5.2 billion.
(COLOMBO, Feb 09 2017)

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