ODEL declares first dividend

Top fashion retail brand ODEL yesterday declared an interim dividend of 25 cents per share in respect of the company’s performance in the nine months ending 31 December 2010.

This is the first dividend announced by the company, and comes at the end of two quarters as a listed entity.

ODEL’s initial public offer of 16.7 million ordinary shares closed in July 2010, and the share commenced trading on the Colombo Stock Exchange on 4 August. The share was trading at Rs. 49.50 as at 12 January, up 230 per cent from its issue price of Rs. 15.

“The first three quarters of the year have been good for us and got a boost during the festive season; hence we would like to share the benefits with our shareholders,” ODEL Chief Financial Officer Nishan Fernando said.

The company’s interim financial statements for the third quarter of 2010-11 are expected to be filed with the CSE shortly.

ODEL achieved a pre-tax profit of Rs 165 million for the half year, an increase of 65 per cent over the corresponding six months of 2009-10. Profit after tax improved by a robust 50 per cent to Rs. 100.6 million for the period, on a turnover of Rs. 1.53 billion, which was up 55 per cent.

The ODEL chain comprises of stores at Alexandra Place, Maharagama, Kohuwala, Mount Lavinia, Moratuwa, Panadura, Nugegoda (Warehouse), Dickman’s Road, Ja-ela, Majestic City, Crescat (Backstage), Battaramulla and at the Bandaranaike International Airport.

The recently re-launched award winning ODEL website www.odel.lk offers online shoppers the same ODEL experience from the comfort of their own homes or offices, with sophisticated, seamless e-commerce functionality.