Singer posts Rs. 355m net profit for first 9 months

The third quarter was a period of consolidation for Singer, building on the strong performance of an excellent first half, Revenue growth was sustained at about the same rate of the early months and the year to date growth rate is 29%, said chairman, Hemaka Amarasuirya announcing the financial results for the nine months ended September 30, 2005.

The total revenue (net) for the period was Rs. 7,808.0 million. The net profit was Rs.355.3 million. The Company is now powered by multi faceted channels of distribution with outstanding performance from relatively new entrants "Modern Homes" as the stand alone Furniture Channel, "Sisil" Channel showcasing the heritage Sisil Brand and the Institutional Sales Channel respectively.

Among product categories, sewing related products and furniture continue to record strong growth while the Industrial Sewing Products Division repositioned as "Apparel Solutions" is making a significant comeback to business.

The roll out of motor cycles and personal computers into the wider distribution spectrum is comprehensive and reduce the dependence of the Company on traditional home appliances, which are impacted by frequent sales tax increases to try and close perennial budget deficits, Amarasuriya said.