IT/Communication segment grows at Singer in 1Q 2013
View(s):Last year’s drought, coupled with consumer fears of an increase in electricity tariffs, had a negative impact on the overall business environment, leading to almost flat revenue growth in the first quarter, according to consumer goods company – Singer.
The first quarter saw the company’s gross sales revenue increase by just two per cent. However, due to the application of the VAT regime to the retail sector, net revenue, which is accounted after VAT, decreased marginally.
However, the company said in a media release, that the IT and communications segment, did well with revenue growing by 114 per cent compared to the first quarter of the previous financial year.
“This segment thereby became the group’s third largest business segment after white goods and consumer electronics.
The impressive expansion of Singer Sri Lanka’s communications segment was rooted in increases in the sales of computers by 35 per cent, digital cameras by 25 per cent and mobile phones by a staggering 900 per cent,” the company said.
The group’s transport and furniture segments also grew, by 43 per cent and 25 per cent,respectively.
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