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Odel 4Q turns profit but FY 14/15 profit declines

3 June 2015 02:33 am - 0     - {{hitsCtrl.values.hits}}

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Softlogic Group company, Odel PLC turned a net profit of Rs. 17.8 million for the quarter ended March 31, 2015 (4Q’15) from a net loss of Rs.3.2 million incurred a year ago, the interim results released to the Colombo Stock Exchange (CSE) showed.  
The Earnings Per Share (EPS) rose to 7 cents from negative 1 cent a year ago. The Odel share ended 30 cents or 1.4 percent higher at Rs.21.80 on Monday’s close.  The top line slipped by 0.9 percent year-on-year (yoy) to Rs. 1.12 billion and cost of sales too declined by 0.4 percent yoy to Rs.702.5 million leaving with a gross profit of Rs.422.2 million, down 1.7 percent from the corresponding quarter last year. 
March was the second consecutive quarter Odel PLC demonstrated a positive performance since it was acquired by Softlogic group in September 2014. 
For the quarter ended December 31,2014 (3Q’15), the first full quarter after the acquisition, the company more than doubled its net profits to Rs.106.2 million largely supported by higher gross margins. 
The post-consolidation performance demonstrates that synergies have started to come in to play since the immediate aftermath of the acquisition by Softlogic. In September 2014, the Softlogic group acquired 45 percent stake in Odel PLC in a Rs.2.6 billion cash deal before purchasing 47.46 percent held by Parkson Retail Asia Limited for Rs.2.8 billion during the mandatory offer. 
As at March 31, 2015 Softlogic group companies collectively held 93.4 percent stake in Odel PLC, slightly above CSE’s free float requirement of 10 percent to be maintained by a Diri Savi Board listed company.'
Meanwhile for the financial year ended March 31, 2015 (FY 2014/15) the Odel group posted a net profit of Rs.161.8 million, down 16 percent. 
The EPS dropped to 59 cents from 71 cents. 
The revenue grew by 6.5 percent to Rs.4.9 billion while the cost of sales grew by 4 percent to Rs. 2.9 billion. The gross profit rose 9.6 percent to Rs.1.9 billion. 
Notably the other incomes declined by 52 percent to Rs. 107.6 million. 
Meanwhile the finance cost reduced by 17 percent to Rs.99.6 million. But both the short and long term borrowings rose by Rs.391 million during the year to Rs. 1.4 billion. 
On March 20, 2015 Odel PLC acquired all issued shared of Softlogic Brands (Pvt) Limited for Rs.2.1 billion and recognized an intangible assets worth Rs.609 million for brands acquired and the goodwill of the acquiree. 
As of March 31, 2015 Dr. T. Senthilverl held 3.1 percent stake in Odel PLC.
 
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