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.