Singer Group posts Rs. 58.5 billion revenue for 2018/2019
The Singer Group reported revenue amounting to Rs 58.5 billion for the twelvemonth period 2018/ 19, compared toRs. 53.1 billion for same period in the prior year with a growth of 10% whilst compared to Rs 65.1 billion revenue during the fifteen month period of 2017/2018 as appears in the published Financial Statements.
For the 2018/19 financial year, the Group encountered multiple challenges including a prolonged drought and sluggish market conditions which lasted throughout the year. Additional adverse impacts such as rupee devaluation, increased borrowings due to import restrictions and imposition of 100% LC margins, higher
impairment costs arising from new accounting standards and new levies on Financial Sector hampered growth potential and profit earnings.
The Group recorded an Operating profit of Rs. 3,997million for the twelve months ending 31st March 2019 and a profit ofRs. 672 million before tax and Rs.386 million after tax for the twelve month period.
Fourth quarter Group Revenue increasing by a marginal 3%, Group operating profit for the same period decreased 29% to Rs. 754 Million from Rs. 1,057 Million when compared to the previous year. Group Profit after Tax showed similar sentiment decreasing to Rs. 33 million for the fourth quarter against a net profit of Rs. 212 Million during the preceding year.
Net finance cost increased by 20% to Rs. 3,033 million for the twelve- month period ending 31 March 2019 compared to Rs. 2,531 million for the fifteen-month period which ended on 31 March 2018. This was mainly due to the 26% increase in the Group’s total borrowings together with the relatively high cost of funds, currency fluctuations, rupee devaluations and additional borrowing.