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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » VAT drags down Odel profits

VAT drags down Odel profits

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

sriranga

sriranga
Co-Admin
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.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=80195

http://sharemarket-srilanka.blogspot.co.uk/

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

Bond


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 Fri May 31, 2013 2:31 pm

Gaja


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 Fri May 31, 2013 2:41 pm

Bond


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

Yep CARGILL, RICH

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

balapas


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

Yep CARGILL, RICH

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.

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