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Tuesday, 8 May 2012

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Singer Sri Lanka revenue grows by over Rs. 1 b in first quarter


CEO, Asoka Pieris

The Singer Group with revenues of Rs. 6.2 Billion for the first quarter of 2012, expressed confidence in its continued growth. The growth was on top of very high growth in prior year. Noting that group revenue rose by Rs. 1.1 Billion in absolute terms and by 22% in percentage terms over the first quarter of the previous year, Singer Sri Lanka Group CEO, Asoka Pieris stated that the organization's performance was despite the fact that consumer sentiments were affected by the rupee's devaluation and sharp increase in electricity and fuel costs.

The growth in the Group's revenue boosted its profit before tax by 11% and its profit after tax by 36%.

The Group's outstanding performance was driven, in part, by a surge of sales in major product categories, signaling continued success in its mission to improve Sri Lankan lifestyles. For example, sales of refrigerators increased by 40% over the first quarter of 2011, while sales of domestic and artisan sewing machines improved by 25%. Other product lines which experienced significant increases were fans (74%), microwaves (501%), air conditioners (52%), kitchen appliances (55%), irons (229%), water pumps (45%) and bicycles (61%).

Continuing to prove that its dedication to enhancing Sri Lankan lives pays dividends, Singer Sri Lanka reaffirmed its commitment to a multi-brand marketing strategy.

By giving consumers an unrivalled degree of choice, the Group is able to ensure that Sri Lankans get the products and services they want. With more than 360 stores island-wide, Singer Sri Lanka also has the country's most extensive retail network, giving shoppers unbeatable quality and selection at a conveniently close location. This value proposition is further enhanced by its wide-ranging service network, which ensures that customers anywhere in the country can feel secure with the knowledge that their purchases are backed up by the industry's best after-sales service. By continuing to enhance its product and service offerings, Singer Sri Lanka is confident that it will sustain its success in the year to come.

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