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Singer (Sri Lanka) Ltd recorded a net profit of Rs. 105. 8 million for the six months ended June 30, 2002, compared with Rs. 94.6 during the corresponding period last year. Its revenue increased to Rs. 2,534 million from Rs. 2,371 million, a 7% growth. Chairman, Hemaka Amarasuriya said, "the revenue growth was below the company's expectations. But, it is considered satisfactory when taking into consideration the slow recovery of the country's economy."

"It is increasingly difficult to drive sales growth in the traditional manner. Diffident consumer buying patterns were observed in the home appliance market." The company was mindful of containing expenses which grew faster in contrast to sales as more funds were spent on advertising and promotion to reawaken a dull market, the chairman said in the mid year review report 2002.

On the positive side, falling interest rates enabled the company to steady the growth and the removal of surcharge on income taxes too helped to improve net profit by 12 percent over the previous year's first half. The setting up of Strategic Business Units to monitor the eight major categories of products has paid rich dividends with seven such Units showing improved performance and potential.

Cross-functional contributions have enriched the management mix and the company is looking forward to 'reaping the real dividends of this initiative in the second half of 2002, Amarasuriya said.

Earnings per share increased to Rs. 3.30 from Rs. 2.95. Its share prices increased to the highest Rs. 38 in the second quarter of this year compared with Rs. 30.75 for the corresponding period last year.

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Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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