Jan-June 2016 sees strong growth at Singer Sri Lanka with group net up115 %
View(s):Singer (Sri Lanka) PLC Group’s second quarter financial results continued to display excellent growth fuelled by an increase in revenue and net income, the company said in a statement. “There was stronger impetus in the thrust product categories where smartphones sales grew by 53 per cent, deep freezers 31 per cent, computers by 24 per cent %, washing machines by 17 per cent, air conditioners and air coolers by 77 per cent and 65 per cent, respectively,” it said. In the 2Q 2016, group revenue increased 23 per cent to Rs. 11.6 billion while net profit improved 60 per cent to Rs. 613.4 Million, when compared with the previous year. This included consolidation of new acquisitions.
Group revenue for the first six months of the year also increased by 23 per cent to Rs. 22.1 billion. At the end of first six months of 2016, Group Net Profit was Rs. 1,423 Million, up sharply by115 per cent over the previous year. This included consolidation of new acquisitions and related one-time gains. “Contributing to the growth in revenue and net income were the strategic initiatives undertaken by the group and the continuing customer demand despite increases in interest rates, exchange rates and VAT. Some of the pursued new initiatives included opening additional shops, adding new dealers and channels of distribution, improving and renovating shops, securing new brands and distributorships and introducing new products and improving processes,” the statement said.