Singer Sri Lanka recently announced strong 3rd quarter results with its CEO Asoka Pieris saying the group’s revenue rose to Rs. 15.47 billion at the end of the first nine months, up 37% over the same, previous period.
“This reflects Singer Sri Lanka’s unbeatable leadership position in consumer durable goods. Boosted by a buoyant economy, consumers have greatly increased their demand for the company’s products and services,” he said in a statement.
The increase in sales volume, together with higher margins and lower interest costs, contributed to the group’s pre-tax profits growing by 84% to Rs. 1,434 million, while profit after tax surged by 101% to reach Rs. 875 million in the first nine months.
The company continued to introduce a wide range of cutting-edge consumer products. In the period under review, Singer Sri Lanka unveiled multiple brands of LCD and LED televisions, the groundbreaking Samsung Smart TV, a selection of Blue-Ray players, including Singer’s own model, Hitachi and Singer side-by-side refrigerators, and much more. These new products, coupled with lower selling prices due to reductions in taxes and duties, and increased advertising and promotions resulted in an increase in sales volumes, a statement from the company added.
Unit sales of televisions increased by 64% over the same period of the preceding year, while sales of refrigerators, washing machines, and audio equipment improved by 34%, 35%, and 112%, respectively. Other product lines that showed substantial growth included computers (65%), air-conditioners (116%), DVD players (98%), small kitchen appliances (67%) and fans (77%).
“The group is able to offer shoppers unrivalled quality, convenience and choice. Singer Sri Lanka further extends this value proposition by having the country’s most extensive service network, guaranteeing that customers all over the island continue to feel secure in their purchases and ensuring that the group continues to move from strength to strength,” the statement said. |
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