ODEL PLC, Sri Lanka’s only public quoted fashion retailer said the group’s net profit for the 12 months ended March 31 rose 48 percent to Rs.208.9 million, compared with the previous year.
Basic earnings per share of the group for the 12 months grew by 47 per cent to Rs 1.49 from Rs 1.01 cents for the previous year.
Net assets per share improved by 41.4 per cent to Rs 9.63 at Company level and by 36 per cent to Rs 11.2 at Group level.
During the year, the company aggressively invested in expanding its presence.
“Expansion justified by the post-conflict resurgence of Sri Lanka’s economy, and a desire to enable a segment of our followers to share in the evolution and growth of the ODEL brand were the principal reasons for going public,” ODEL founder and CEO Otara Gunewardene said. “We were greatly encouraged by the investor response and have focused our energies on building shareholder value and continuously improving our shopping experience.”
ODEL paid an interim dividend of 25 cents per share in February 2011 in respect of the financial year 2010-11. The ODEL share was offered at Rs 15 at the company’s IPO of 16.7 million ordinary shares, and commenced trading on the Colombo Stock Exchange on 4th August 2010. The share closed at Rs 44.50 on 24th May 2011, nearly triple its issue price.
The company has proposed a final dividend of Rs 0.25 per share for 2010-11, taking total dividend payout for the eight months since it was listed, to Rs 72,475,000.
source - www.dailymirror.lk
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