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Singer Industries (Ceylon) PLC has closed down its newly set up television plant in the face of tariff reduction for imported television sets with the company concentrating on sewing machines which its Chairman, Mr. Hemaka Amarasuriya, described as its "life blood."
He reported that recovery of consumer markets were clearly visible following the end of the war and an opportunity had arisen to meet unsatiated demand locked up previously while consumers awaited better times.
Revenue for 2010 more than doubled with markets in the North and East becoming active. Buying trends picked-up across the country due to the reduction of interest rates and a favourable marketing environment which encouraged hitherto delayed purchases.
There had been an increase in demand for sewing machines from some artisan units and the self-employed increasing their capacity in anticipation of new orders.
"Customer sentiment for sewing (machines) is expected to remain high throughout the early quarters of 2011," Amarasuriya said.
The reduction of VAT rates had made the new television plant non-viable and having previously experienced what he called `yo yo’ effects of tariff adjustments, Amarasuriya said the company was cautions about outsourcing this operation.
He reported that the loss on closure of the television plant will be Rs.2.3 million for fixed assets while remaining assembly components will bear a provision of further losses, if any.
They continued to downsize operations and streamline sewing machine production with a voluntary retirement scheme remaining open-ended for those seeking early retirement, he added.
Amarasuriya commented on the sometimes inflexibility of the prevailing labour law regime saying that company had to seek a balance between employee security and productivity enhancement.
"While we respect worker protection, this needs to be viewed with the goal of higher productivity as the government and the country is committed towards accelerating development and achieving enhanced GDP growth rates," he pointed out.
"Labour relation systems prevailing should be consistent with and not regressive with employment development and development of entrepreneurship and self-employment."
Where Singer Industries was concerned, they needed the right combination of experience and apprenticeship in their labour force to maintain competitiveness as the economy opens once again to lowered tariff barriers and entry cost.
The substantial gains in 2010 when the company posted after-tax earning of Rs.126.8 million, up from a loss of Rs.33.8 million the previous year, was partly due to a one-time gain by recording the revaluation of an investment in an affiliate, Singer (Sri Lanka) PLC, which is Singer Industries’ longstanding marketing arm, he explained.
This profit was likely to be cashed during the course of this year, he said.
The company’s CEO, Mr. Asoka Pieris, explained that the revenue increase of 37% to Rs.664 million was a result of the increased demand for sewing machines and the marketing and promotion done by their affiliate, Singer (Sri Lanka).
He reported a 27% growth in sales of sewing machines with cabinets and stands recording a greater increase.
He indicated that the company will continue its cost reduction program and look for increased productivity from staff to increase profits from its core operations.
Singer Industries has a stated capital of Rs.38.5 million, a capital reserve of Rs.403.4 million and revenue reserves of Rs.364.3 million in its books. Total assets ran at Rs.1.16 billion while total liabilities stood Rs.358.6 million.
Net assets per share at year end had grown to Rs.209.60 from Rs.171.87 the previous year while the share traded at a high of Rs.230 and a low of Rs.80.25 during 2010. This compared to a trading range of Rs.119 to Rs.42 the previous year.
Singer (Sri Lanka) BV with 83.55% of the company is the dominant shareholder followed by Dr. T. Senthilverl with 7%. All other shareholders individually owned less than one percent.
The directors of the company are: Messrs. Hemaka Amarasuriya (Chairman), Asoka Pieris (MD), G.C.B. Wijeyesinghe, G.J. Walker (Alternate A.C.M. Irzan), and A.M. de S. Jayaratne (Alternate V.G.K. Vidyaratne).
sundayisland.lk
He reported that recovery of consumer markets were clearly visible following the end of the war and an opportunity had arisen to meet unsatiated demand locked up previously while consumers awaited better times.
Revenue for 2010 more than doubled with markets in the North and East becoming active. Buying trends picked-up across the country due to the reduction of interest rates and a favourable marketing environment which encouraged hitherto delayed purchases.
There had been an increase in demand for sewing machines from some artisan units and the self-employed increasing their capacity in anticipation of new orders.
"Customer sentiment for sewing (machines) is expected to remain high throughout the early quarters of 2011," Amarasuriya said.
The reduction of VAT rates had made the new television plant non-viable and having previously experienced what he called `yo yo’ effects of tariff adjustments, Amarasuriya said the company was cautions about outsourcing this operation.
He reported that the loss on closure of the television plant will be Rs.2.3 million for fixed assets while remaining assembly components will bear a provision of further losses, if any.
They continued to downsize operations and streamline sewing machine production with a voluntary retirement scheme remaining open-ended for those seeking early retirement, he added.
Amarasuriya commented on the sometimes inflexibility of the prevailing labour law regime saying that company had to seek a balance between employee security and productivity enhancement.
"While we respect worker protection, this needs to be viewed with the goal of higher productivity as the government and the country is committed towards accelerating development and achieving enhanced GDP growth rates," he pointed out.
"Labour relation systems prevailing should be consistent with and not regressive with employment development and development of entrepreneurship and self-employment."
Where Singer Industries was concerned, they needed the right combination of experience and apprenticeship in their labour force to maintain competitiveness as the economy opens once again to lowered tariff barriers and entry cost.
The substantial gains in 2010 when the company posted after-tax earning of Rs.126.8 million, up from a loss of Rs.33.8 million the previous year, was partly due to a one-time gain by recording the revaluation of an investment in an affiliate, Singer (Sri Lanka) PLC, which is Singer Industries’ longstanding marketing arm, he explained.
This profit was likely to be cashed during the course of this year, he said.
The company’s CEO, Mr. Asoka Pieris, explained that the revenue increase of 37% to Rs.664 million was a result of the increased demand for sewing machines and the marketing and promotion done by their affiliate, Singer (Sri Lanka).
He reported a 27% growth in sales of sewing machines with cabinets and stands recording a greater increase.
He indicated that the company will continue its cost reduction program and look for increased productivity from staff to increase profits from its core operations.
Singer Industries has a stated capital of Rs.38.5 million, a capital reserve of Rs.403.4 million and revenue reserves of Rs.364.3 million in its books. Total assets ran at Rs.1.16 billion while total liabilities stood Rs.358.6 million.
Net assets per share at year end had grown to Rs.209.60 from Rs.171.87 the previous year while the share traded at a high of Rs.230 and a low of Rs.80.25 during 2010. This compared to a trading range of Rs.119 to Rs.42 the previous year.
Singer (Sri Lanka) BV with 83.55% of the company is the dominant shareholder followed by Dr. T. Senthilverl with 7%. All other shareholders individually owned less than one percent.
The directors of the company are: Messrs. Hemaka Amarasuriya (Chairman), Asoka Pieris (MD), G.C.B. Wijeyesinghe, G.J. Walker (Alternate A.C.M. Irzan), and A.M. de S. Jayaratne (Alternate V.G.K. Vidyaratne).
sundayisland.lk
