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

Singer 1Q revenue up 16%


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

Facebook

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

Facebook Twitter


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 Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.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