Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.

Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post
Market Place

Add an ad

View all ads

Latest topics

» EMER...?????
by ehele90 Today at 6:42 pm

» JKH will touch 175 very soon
by Bakka1988 Today at 3:24 pm

» CIND බලාගෙනයි
by Bakka1988 Today at 3:15 pm

» Positive News
by Promoney Today at 2:21 pm

» Why AAIC Should trade above RS.50/-
by nosf76677 Today at 2:01 pm

» Browns investments
by Winner123 Today at 11:33 am

» lOFC definitely will hit 6/-
by wealth123 Today at 10:49 am

» GLASS (piramal glass ceylon plc) from
by MarketWch Today at 10:20 am

» Capital trust recommended to buy AEL ..Target Price Rs.24.50
by wisdom79 Today at 9:27 am

» Elcection Commisioner( MACO)
by Capton KIng Cool Today at 8:59 am

» Presidential election will be held on 16 th of November to 7th of December
by rukshan1234 Yesterday at 11:30 pm

» Which Trading System Or Strategy Is The Most Profitable?
by Teller Yesterday at 8:13 pm

» NEST will touch Rs2000 soon
by Bakka1988 Yesterday at 5:41 pm

» Gotabaya Rajapaksha will named after 10th August. Aspi will move above 6500
by samaritan Yesterday at 11:59 am

» CFVF.N0000 - Target price Rs.60- Donnt sell
by Trader321 Yesterday at 10:06 am

» CFVF.N0000 - Really started Again ..........
by Trader321 Yesterday at 9:59 am

» LOLC Holding( LOLC N.0000)
by Capton KIng Cool Yesterday at 8:45 am

» LOLC Holding( LOLC N.0000) MICRO FINACE In Cambodia
by Capton KIng Cool Yesterday at 8:43 am

by samaritan Yesterday at 8:17 am

» ASHO will hit moon. Deal with SLTB
by Bakka1988 Sun Aug 18, 2019 9:41 pm

» CFVF.N0000 - Deal at What price?
by Winner123 Fri Aug 16, 2019 8:35 pm

» Profitability of all the banks slides down on bigger margins
by hammurabi Fri Aug 16, 2019 8:25 pm

» කව්ද පකීර් ?(who is the Veteran)
by reyaz Fri Aug 16, 2019 7:32 pm

» News AEL super report in this quarter Don't sell ..
by sheildskye Fri Aug 16, 2019 6:59 pm

by Trader321 Fri Aug 16, 2019 10:20 am

» CFVF.N0000 :Amazing Result- Quarter Profit more than Half Billion
by Winner123 Thu Aug 15, 2019 12:43 pm

» Kzoo vs onal
by wisdom79 Wed Aug 14, 2019 9:45 pm

» GREG is back
by wisdom79 Wed Aug 14, 2019 9:42 pm

» AAIC - Profit over one billion!!!!!
by wisdom79 Wed Aug 14, 2019 9:39 pm

» Sri Lankan Billionaire Dhammika Perera may Spend Rs. 10 Billion for a Presidential Campaign without any Risk! His Daily Casino Profits said to be over Rs. 50 Million
by Teller Wed Aug 14, 2019 8:40 am

» CFVF : Another dividend ?
by Promoney Tue Aug 13, 2019 7:28 pm

» CFVF.N0000 & PARQ.N0000 - These two counters Must be in your Portfolios
by Trader321 Tue Aug 13, 2019 6:39 pm

» PARQ.N0000 : Target Price Rs. 50 /=
by Hewagak Tue Aug 13, 2019 5:01 pm

» TAP Less than 1% Shares in the Market
by sanjulanka Tue Aug 13, 2019 12:10 pm

by Winner123 Tue Aug 13, 2019 12:09 pm

» what is the future of KHL (JOHN KEELES HOTELS)
by bhanu Mon Aug 12, 2019 9:03 pm

» TKYO.X0000 will it move furthur?
by bhanu Mon Aug 12, 2019 5:00 pm

» stock market investors and cheated those who approached them.
by Asoka Samarakone Mon Aug 12, 2019 10:14 am

» LLMP can run in present market
by wealth123 Mon Aug 12, 2019 10:03 am

» Where Is Equity Champ
by Teller Mon Aug 12, 2019 8:52 am

» Pending AEL crossing @ Rs.20 deal near soon..
by EPS Sun Aug 11, 2019 8:26 pm

by King of vice Sun Aug 11, 2019 7:38 am

» Let's Pump And Dump BUT...
by King of vice Sun Aug 11, 2019 7:26 am

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » VAT drags down Odel profits

VAT drags down Odel profits

Go down  Message [Page 1 of 1]

1VAT drags down Odel profits Empty VAT drags down Odel profits on Thu May 30, 2013 11:40 pm


Fashion and lifestyle retailer Odel PLC saw net profits fall 19.25 percent to Rs. 157.3 million for the year ended March 31, 2013 amidst a tough fourth quarter.

The company posted sales of Rs 4.5 billion for the year ending 31st March 2013, up 16 per cent from a year ago.

"Sales in the final quarter of the year (January to March 2013) increased by a marginal 2 per cent to Rs 984 million after the introduction of Value Added Tax (VAT) which was extended to large retailers effective 1st January 2013 in the government budget of November 2012. The imposition of VAT put the company’s 4th quarter margins under pressure, as no input credit was available on transition date stock, and the full impact could not be passed on to customers," the company said in a statement.

"Nevertheless, healthy same store sales growth in the review period was encouraging," it said.

Interest income of Rs 90.6 million, boosted by earnings generated in the final quarter from the funds raised at its December 2012 Rights Issue, cushioned to some extent, the impacts of an increase in finance costs and administrative expenses, which were up 45 per cent and 23 per cent respectively for the full year, as well as the impact of reduced margins in the 4thquarter due to VAT. The incorporation of adjustments needed to comply with IFRS requirements also impacted the results adversely in the last quarter. Hence, the pre tax profit reported for the period reflected a decline of 8.8 per cent.

Income tax expenses increased by 25 per cent to Rs 74.3 million for the 12 months reviewed on account of higher provision made for deferred tax liability.

Odel’s net assets per share grew to Rs 18.72 as at 31st March 2013, with total equity surpassing Rs 5 billion. The proceeds of Rs 2.5 billion from the 1 for 1 rights issue are being invested in short term instruments with a view to investing in expansion of retail space, the company said.

Notwithstanding the expansion plans afoot, The Board of Directors of Odel PLC has proposed a final dividend of 10 cents per share for 2012-13 which together with the interim dividend of 25 cents paid in November 2012 amounts to a 40 per cent payout for the year, an improvement over the payout ratio of the previous year.

In July 2012 Parkson Retail Asia Limited purchased a 41.82 per cent stake in Odel PLC for Rs 1.424 billion and increased its holding to 47.46 per cent at the conclusion of the subsequent mandatory offer to minority shareholders and the 1 for 1 Rights Issue.

2VAT drags down Odel profits Empty Re: VAT drags down Odel profits on Fri May 31, 2013 2:29 pm


Manager - Equity Analytics
Manager - Equity Analytics
ODEL is sooooo over-valued it's no longer funny Razz

3VAT drags down Odel profits Empty Re: VAT drags down Odel profits on Fri May 31, 2013 2:31 pm


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Wait for few hours to see the VAT Impact on the super markets

4VAT drags down Odel profits Empty Re: VAT drags down Odel profits on Fri May 31, 2013 2:41 pm


Manager - Equity Analytics
Manager - Equity Analytics
@Gaja wrote:Wait for few hours to see the VAT Impact on the super markets


5VAT drags down Odel profits Empty Re: VAT drags down Odel profits on Fri May 31, 2013 3:52 pm


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Bond wrote:
@Gaja wrote:Wait for few hours to see the VAT Impact on the super markets


I almost bought RICH but luckily changed my mind mostly because plantation exposure. Even before VAT issue the retail segment has shown drop in profits past couple of quarters.

Sponsored content

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum