Singer revenue grows 16%, consumer demand falls
View(s):Singer (Sri Lanka) PLC results for the quarter ending June 30 shows an increase of 16 per cent in revenue amounting to Rs. 15.1 billion, compared to the previous year, in spite of challenging business conditions.
While an improvement in the rural economy was noted in April-May, the company in a media release noted that there was lower consumer demand in urban areas. The consumer durables industry, where Singer is present is more susceptible to market conditions than other industries.
In the period under review, the profit before tax increased to Rs. 640 million while profit for the period increased by 7 per cent to Rs. 450 million.
The company said it anticipates gradual improvement in business sentiment during 2018 with an improved harvest in August/September and will pursue strategies to improve revenue and margins while lowering costs via key business initiatives.
Commenting on the results, Asoka Pieris, Group CEO said: “Despite a challenging environment, Singer is continuing to increase market share and market leadership in consumer durables. We are confident that with the new strategies and initiatives in place, combined with synergies of Hayleys Group, the Singer Group can look forward to significant growth.”
Group Chairman, Mohan Pandithage said “As the major shareholder, Hayleys Group is poised to significantly strengthen Singer’s growth prospects as the leader in consumer durables and maximize its potential further.”