ECONOMYNEXT \u2014 Sri Lanka fashion retailer Odel PLC recorded a group net loss of Rs. 704.1 million for the quarter ended September 30, widening 8.4 percent from a loss of Rs. 649.3 million a year earlier, interim accounts showed.<\/p>\n
The group posted a basic loss per share of Rs. 1.31 for the September quarter, compared to a loss of Rs. 1.21 previously.<\/p>\n
Quarterly revenue rose 13.5 percent to Rs. 1.85 billion from Rs. 1.63 billion, anchored by its core fashion retail segment which generated Rs. 1.71 billion or 92.7 percent of external turnover, alongside Rs. 134.4 million in commission and rental income.<\/p>\n
However, cost of sales surged 23.4 percent to Rs. 972.0 million from Rs. 787.7 million, outpacing revenue growth and squeezing gross margins from 51.6 percent to 47.4 percent.<\/p>\n
Gross profit rose just 4.3 percent to Rs. 875.0 million from Rs. 839.0 million.<\/p>\n
Operating loss widened 27.6 percent to Rs. 270.5 million from Rs. 212.0 million as administrative expenses climbed 11.2 percent to Rs. 1.07 billion, outweighing an 8.6 percent drop in distribution expenses to Rs. 75.9 million and Rs. 3.5 million in other income.<\/p>\n
Finance costs edged down 1.3 percent to Rs. 434.7 million from Rs. 440.7 million\u2014still absorbing nearly half of gross profit\u2014while finance income fell 64.2 percent to Rs. 1.2 million.<\/p>\n
Company balance sheet and cash flow figures point to active debt reprofiling into longer-term maturities.<\/p>\n
Non-current borrowings jumped 37.5 percent year-on-year to Rs. 15.42 billion as of September 30, while short-term borrowings fell 30.1 percent to Rs. 6.10 billion following Rs. 4.21 billion in first-half medium- and long-term loan drawdowns used to pay down short-term debt and halve bank overdrafts to Rs. 983.8 million.<\/p>\n
Short-term dues to related parties also rose 27.3 percent to Rs. 7.02 billion, reflecting ongoing parent-group funding support.<\/p>\n
Notes showed subsidiary Odel Properties One (Pvt) Ltd has completed Rs. 7.58 billion of work under its Rs. 9.81 billion Ward Place development (New Odel Mall) contract with China Construction Third Engineering Bureau, alongside Rs. 4.50 billion in non-contracted capital commitments.<\/p>\n
Notes also highlighted a 1.19 percent public float\u2014below regulatory minimums\u2014with Softlogic Retail Holdings owning 98.79 percent, while first-half guarantee fees to the ultimate parent dropped to Rs. 9.2 million from Rs. 53.0 million.<\/p>\n
Total assets stood at Rs. 32.78 billion, while accumulated losses of Rs. 16.34 billion deepened negative equity to Rs. 6.30 billion, leaving net asset value at negative Rs. 11.70 per share versus negative Rs. 7.68 a year earlier.<\/p>\n
Odel shares closed at Rs. 10.70 at the end of September and are currently trading around Rs. 13.00\u201313.20. \u00a0(Colombo\/Nov11\/2026)<\/p>","protected":false},"excerpt":{"rendered":"
ECONOMYNEXT \u2014 Sri Lanka fashion retailer Odel PLC recorded a group net loss of Rs. 704.1 million for the quarter ended September 30, widening 8.4 percent from a loss of […]<\/p>\n","protected":false},"author":1,"featured_media":7,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised"],"_links":{"self":[{"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/posts\/358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/comments?post=358"}],"version-history":[{"count":0,"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/posts\/358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/media\/7"}],"wp:attachment":[{"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/media?parent=358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/categories?post=358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sripuwath.com\/index.php\/wp-json\/wp\/v2\/tags?post=358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}