Singer Sri Lanka grows in Q1

The Singer Sri Lanka Group announced its first quarter 2011 financial results. The impressive numbers show the group consolidating on a very successful 2010, with first quarter revenues surpassing the Rs 5 billion mark, up 38 percent from the same period last year.

In his review of the first quarter performance, Group Chief Executive Officer Asoka Pieris said sound economic policies combined with a climate of peace resulted in a receptive market.

Even though the company's island-wide growth had been slightly dampened by floods that ravaged the country in January and February, Singer's first quarter performance was a measure of the innate resilience of its operations and the strength of its relationship with Sri Lankan consumers.

The growth was low in the districts affected by the floods, but this deficit was caught up by growth in other districts. The company's revenue growth in the Colombo district was 71 percent, Pieris said.

This revenue growth was mainly due to the reduction of the grey market and Singer s increasing focus on new lifestyle products such as LCD and LED televisions, laptops, digital cameras, double-door refrigerators and full auto-washers.

The growth in revenue cascaded down to the bottom line. The Group pre-tax profit grew by 60 percent to Rs 485 million, while profit after tax grew by 53 percent to Rs 257 million.

Numbering more than 370 stores, Singer Sri Lanka has the island's most extensive retail network, giving its customers unrivalled convenience and choice.