Singer Group turnover Rs. 18.7 bn at end 3-Q
Singer Sri Lanka further strengthened its position as the leader in
Sri Lanka’s consumer durables sector as the Singer Group’s revenue rose
by Rs. 3.2 billion to Rs. 18.7 billion, at the end of the third quarter.
This is an increase of 21% when compared to its results from the same
period last year. The Group’s retail operation, which comprises Singer
Plus, Singer Mega, Sisil World and Singer Homes, recorded revenues of Rs.
17.5 billion. Singer Finance, the Group’s pioneering financial services
subsidiary, continued its spectacular climb, with revenues increasing by
46 %.
Ashoka Pieris |
Hemaka Amarasuriya |
These results were despite a challenging macroeconomic environment.
The sharp devaluation of the rupee, together with the increase in
interest rates, electricity costs and fuel prices had a significant
negative impact on consumer sentiments and the overall economy.
In addition, the drought destroyed part of the harvest and resulted
in power cuts and shortages of water for consumers in some districts
further affecting the consumers.
While revenues increased, the growth in bottom line was impacted by
interest expenses.
The group net profit for the period was Rs. 887 million, which was a
marginal 2 % growth over prior year while the Company Net Profit for the
Period was Rs. 761 million, a marginal decline of 2 %.
Singer volumes grew on most product lines with refrigerators
increasing by 17% over the same period of the preceding year, while
sales of domestic and artisan sewing machines improved by 9 %. Other
product lines that showed impressive growth included fans (40 %),
microwave ovens (171 %), air conditioners (33 %), kitchen appliances (41
%), irons (82 %) and rice cookers (54 %).
Validating its commitment to giving customers the very latest in
international products and brands, Singer Sri Lanka also saw substantial
growth in the sales of new products. |