Singer Sri Lanka ends year with revenue at Rs 22 bln and 95% increase in profits
Singer Sri Lanka capped a strong 2011 financial year by recording the most successful quarter yet in the group's history, according to the company. The consumer giant's CEO, Asoka Pieris, noted that the group's revenues for the year 2011 reached Rs. 22 billion in the year under review while its net profit grew by 95% - remarkable figures that underscored the group's popularity with Sri Lankan consumers, it said in a statement issued this week.
"Singer Sri Lanka's performance is even more noteworthy when the group's Rs. 150.5 million net gain on dilution in the previous year, attributed to Singer Finance's IPO, is excluded. If this gain is set aside, the group's net profit growth over the prior year is a staggering 152%," the statement said. The group's 4th quarter growth was consistently strong with Singer (Sri Lanka) PLC notching a 38% increase in revenue while Singer Finance revenue rose by 27%. Overall group revenue grew by 37% in the fourth quarter, buoyed by strong consumer demand for its innovative products and services.
The group's results for the year were driven by the increasingly strong bond it shares with consumers, which were reflected in a surge in unit sales.
The statement said unit sales of televisions increased by 56% over the same period of the preceding year, while sales of refrigerators, washing machines, and audio equipment improved by 35%, 36%, and 36% respectively. Other product lines that showed outstanding growth included computers (49%), air-conditioners (109%), small kitchen appliances (62%) and fans (87%).