Singer in good start for F Y 2015

Singer Sri Lanka began its 2015 financial year on a good note with consolidated revenues growing by 28 per cent over the corresponding period last year to reach Rs.8.6 bllion according to recently announced first quarter financial results, a company media release said. The group’s net profit for the quarter grew to Rs.277.8 million, up 95 per cent when compared with the previous year.

In his review of the quarter’s performance, Group CEO Asoka Pieris noted that an improvement in the overall business environment in the 4th quarter of 2014 continued into 2015 contributing to the growth trajectory. Several strategic initiatives taken by the group including investing in new shops, dealers and channels of distribution and the introduction of new brands and products has contributed to “this outstanding performance”.

Group’s Q1 revenues were firmed by its third largest segment, Communication and the Digital Media whose revenue for the quarter rose 88 per cent. Transportation performed below expectations but all other sectors experienced significant growth. Its Agro segment grew by 44 per cent, and both Sewing and Kitchen related products recorded a 33 per cent growth while White Goods, Electronics and Furniture improved by 16 per cent. “The remarkable success and revenue contribution of the company’s new subsidiary, Singer Digital Media (Pvt) Ltd, specialising in mobile phones and computers, towards Q1 financial performance is noteworthy,” it said adding that this subsidiary showed “impressive revenue to external parties of Rs.709 million”.