Fashion Statement

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Oct 20, 2010 (LBO) – Sri Lankan retailer Odel’s net profit rose 18 percent to 63.6 million rupees in the September 2010 quarter from a year ago with sales strong but costs also rising sharply, a stock exchange filing said. Sales rose 50 percent to 836 million rupees in the quarter, its first as a listed entity, while earnings per share were up 18 percent to 44 cents.

Distribution and administration expenses were also up by about half as Odel expands its network of retail outlets.

“We continue to witness significant same store growth and the addition of new stores has also contributed to this increased revenue,” Odel founder and chief executive Otara Gunewardene said.

“We are excited about the next quarter, which is seasonally our strongest, with Christmas sales usually contributing to a considerable percentage of annual sales.”

Two new stores that are expected to come on line before March 31, 2011 will also contribute to earnings, she said.

Net profit in the first half was up 50 percent to 100.6 million rupees from a year ago.

Odel group made a net profit of 37 million rupees in the June 2010 quarter, up 187 percent from the previous year owing to better margins despite higher tax and oper