Singer revenue up 28% in 1H

Singer Sri Lanka recorded Rs. 18 billion in revenue, a 28% surge in the first half of the 2015 financial year compared to the previous year.

The Group's continued initiatives and expansion and overall improvement in the business environment has contributed to the growth momentum.

Setting up new shops and renovating existing ones, introducing and securing new brands, products, dealers and distributorships has helped the Group consolidate its position as one of the nation's leading retailers in consumer durables. Singer Sri Lanka's new brands and distributorships of Dell, Sony, Mitsubishi and Sharp contributed Rs. 1,246 million in revenue in the first half of 2015 when compared to Rs. 99 million during the previous year.

The Group Net Profit for the first half witnessed a growth of 141% to Rs. 660.3 million when compared with the previous year. Also noteworthy is the increase in the company's first half Net Profit to Rs. 508.5 million, an increase of 130%.

However, Group CEO, Singer Sri Lanka, Asoka Pieris said, "While the figures for 2015 are encouraging and show a marked increase in profits from the previous two years, the overall profit figure is still 3% below that of 2012, which was the highest profit recorded at half year."

The Group's second quarter revenue rose to Rs. 9.4 billion reflecting a growth of 29% over the corresponding period in the previous year.

Leading this continued growth trend is the Group's Communication and the Digital Media segment which grew by 79%.

The company's new subsidiary Singer Digital Media (Pvt) Limited specializing in mobile phone sales and computers to the trade channel contributed Rs. 1,402 million through revenue to external parties.

Other segments driving Singer's impressive results include the Agro segment which grew by 66%, Furniture by 25%, Sewing and Kitchen related products grew 37% and 39%. The largest segments, White goods and Electronics also grew by 17% and 14% respectively.

Revenue from the Group's public listed subsidiary Singer Finance (Lanka) PLC grew by only 2% due to lower lending rates. However, good volume growth and corresponding reduction in borrowing rates lead to a growth in net income increasing net profitability by 60%.

The company remains confident of its position as the nation's retail giant in consumer durables, continuously engaging in enhancing its world class brands and product portfolio offering. Providing customers unrivalled convenience and choice. Singer Sri Lanka continues to set the benchmark for 'trusted excellence'.

Courtesy: Sunday Observer 9 August 2015