Home / Front Page/ Singer 1Q revenue up 16%

Singer 1Q revenue up 16%


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 9 August 2018 00:54


From left: Chairman Mohan Pandithage,  Co-Chairman Dhammika Perera and CEO Asoka Pieris

 

Singer (Sri Lanka) PLC announced yesterday a 16% increase in its revenue to Rs. 15.1 billion in the first quarter of FY19 in spite of challenging business conditions.  

While an improvement in the rural economy was noted in April-May, the company noted a lower consumer demand in urban areas. The consumer durables industry, where Singer is present, is more susceptible to market conditions than other industries.  

In the period under review, the profit before tax increased to Rs. 640 million while profit for the period increased by 7% to Rs. 450 million.

In a statement, Singer said it anticipates gradual improvements in the business conditions during 2018 with an improved harvest in August/September and will pursue strategies to improve revenue and margins while lowering costs via key business initiatives.  

Group CEO Asoka Pieris said: “Despite a challenging environment, Singer is continuing to increase market share and market leadership in consumer durables.  We are confident that, with the new strategies and initiatives in place, combined with synergies of Hayleys Group, the Singer Group can look forward to significant growth.”

Group Chairman Mohan Pandithage said: “As the major shareholder, Hayleys Group is poised to significantly strengthen Singer’s growth prospects as the leader in consumer durables and maximise its potential further.”  


Share This Article


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Reinvent yourself before reinventing your industry

Tuesday, 23 October 2018

For the last 19 years Interbrand has been carrying out its Best Global Brands report. This year, the theme of the study is ‘Activating Brave’, which examines the role that brand strength plays in the transformation of the world’s leading busi


Virtual banks: Opportunities and challenges

Tuesday, 23 October 2018

A virtual bank is a bank which predominantly delivers retail banking services through the internet or other forms of electronic channels instead of physical branches. This covers all online transactions whether it be via the web, email, mobile check


Value of regulated landfills: Megapolis Ministry must communicate

Tuesday, 23 October 2018

Our policymakers may do the right thing but not do it too well by not communicating the larger purpose of their actions. The current fuss about the proposed Aruwakkalu landfill is one such example. As the Ministry of Megapolis correctly points out,


IPS’s State of the Economy Report 2018 is a demonstration of its independent analysis of the economy

Monday, 22 October 2018

Economists are at the receiving end of society today when it comes to economic crises. They have been blamed not only for giving confusing advice, but also for failing to predict accurately the oncoming economic catastrophes.


Columnists More