Singer quarterly revenue up 13% despite challenges

Singer (Sri Lanka) PLC said this week that its quarter ending March 2018 saw revenue rise by 13 per cent to Rs. 13.6 billion from the 2017 quarter even though there were challenging business conditions.

Pre- tax profit was Rs. 419.8 million, slightly up 3 per cent while corporate taxes increased during the period under review as subsidiaries declared dividends resulting in withholding tax. As a result the profit after tax for the period decreased by 14 per cent, the company said in a media release

The accounting year of the group has changed to March 31 to be in line with the accounting period of Hayleys PLC. Group revenue for the 15- month period was recorded at Rs. 65.1 billion while profit for the 15 months was Rs. 1.2 billion.

Commenting on the results, Asoka Pieris, Group CEO said: “After a smooth change of ownership Singer is successfully continuing to retain market leadership in consumer durables. We believe that with synergies with Hayleys Group and with new strategies and initiatives a bright future augurs for the Singer Group and our stakeholders.”

Mohan Pandithage, Group Chairman noted that: “Hayleys Group as the major shareholder is confident that Singer’s position as the leader in consumer durables will be strengthened as Hayleys and Singer have an excellent strategic fit to benefit from significant growth prospects.”