Singer Sri Lanka ends year with 22 b revenue

Singer Sri Lanka ended the year with revenue of 22 billion and 95% increase in profits.

Singer Sri Lanka capped a strong 2011 financial year by recording the most successful quarter yet in the Group's history. The consumer giant's CEO, Asoka Pieris, noted that the Group's revenues for the year 2011 reached Rs. 22 billion in the year under review while its net profit grew by 95% - remarkable figures that underscored the Group's popularity with Sri Lankan consumers.

Hemaka Amarasuriya	Asoka Pieris

Singer Sri Lanka's performance is even more noteworthy when the Group's Rs. 150.5 million net gain on dilution in the previous year, attributed to Singer Finance's IPO, is excluded. If this gain is set aside, the Group's net profit growth over the prior year is a staggering 152%.

The Group's 4th quarter growth was consistently strong with Singer (Sri Lanka) PLC notching a 38% increase in revenue while Singer Finance revenue rose by 27%. Overall Group revenue grew by 37% in the fourth quarter, buoyed by strong consumer demand for its innovative products and services.

The Group's outstanding results for the year were driven by the increasingly strong bond it shares with consumers, which were reflected in a surge in unit sales. Indeed, unit sales of televisions increased by 56% over the same period of the preceding year, while sales of refrigerators, washing machines, and audio equipment improved by 35%, 36%, and 36% respectively. Other product lines that showed outstanding growth included computers (49%), air-conditioners (109%), small kitchen appliances (62%) and fans (87%).

Singer Sri Lanka offers customers an unrivalled degree of choice in these product categories and others, reflecting its commitment to a multi-brand marketing strategy. The Group leverages the country's most extensive retail network to give customers the freedom of shopping at a conveniently close location. Paired with the industry's most widespread service network, Singer Sri Lanka is able to offer its customers an unbeatable value proposition.