Singer revenue up 28 % at Rs. 18 bln in 1stH2015
View(s):Singer Sri Lanka recorded Rs. 18 billion in revenue in first half 2015, up by 28 per cent from the first half of the 2014 year. The group’s continued initiatives and expansion plans and overall improvement in the business environment has contributed to this impressive growth momentum, according to a company statement.
Establishing new shops and renovating existing ones, introducing and securing new brands, products, dealers and distributorships has helped the group consolidate its strong position as the nation’s leading retailer in consumer durables.
“As an example, Singer Sri Lanka’s new brands and distributorships of Dell, Sony, Mitsubishi and Sharp contributed a staggering Rs. 1,246 million in revenue in the first half of 2015 when compared to Rs. 99 million during the previous year,” the statement said. Group Net Profit for the current period under review grew sharply by 141 per cent to Rs. 660.3 million.
However, Asoka Pieris, Singer Sri Lanka Group CEO cautioned on the successful trends, saying “Whilst the figures of 2015 are very encouraging and show a marked increase in profits from the previous two years, the overall profit figure is still 3 per cent below that of 2012, which was the highest profit recorded at half year”.