Singer revenue soars 38% to top Rs. 5 b in 1Q

The Singer Sri Lanka Group announced its 1st quarter 2011 financial results. The impressive numbers show the group consolidating on a very successful 2010, with 1st quarter revenues surpassing the Rs. 5 billion mark, up 38% from the same period last year.

The growth in revenue cascaded down to the bottom line with Group pre-tax profit up 60% to Rs.485 million, while profit after tax was higher by 53% to Rs. 257 million.

In his review of the 1st quarter performance, Group CEO Asoka Pieris said sound economic policies combined with a climate of peace resulted in a receptive market.

“Even though the company’s island-wide growth had been slightly dampened by floods that ravaged the country in January and February, Singer’s 1st quarter performance was a measure of the innate resilience of its operations and the strength of its relationship with Sri Lankan consumers,” he added.

“The growth was low in the districts affected by the floods, but this deficit was caught up by growth in other districts.

The company’s revenue growth in the Colombo District was 71%,” Pieris said. This revenue growth was mainly due to the reduction of the grey market and Singer’s increasing focus on new lifestyle products such as LCD/LED televisions, laptops, digital cameras, double-door refrigerators and full auto-washers.

Pieris also said: “The Cricket World Cup boosted demand for televisions. We capitalised on this demand by introducing several new models, adequate supplies and attractive sales programmes. Our television unit sales increased by 93% over the prior year 1st quarter, all the increase coming from LCD and LED televisions.” He added that all major products – computers, air conditioners, DVD players, audio systems and small kitchen appliances — had shown significant sales growth over the previous year 1st quarter.”

Numbering over 370 stores, Singer Sri Lanka has the country’s most extensive retail network, giving its customers unrivalled convenience and choice. The Company also has the most wide-ranging service network in the country, ensuring that customers anywhere in Sri Lanka can avail of Singer’s reputation for industry-best after-sales service. As the number one Public Brand in the nation, Singer Sri Lanka knows that its sustained success is driven by Sri Lankan consumers and is determined to keep moving from strength to strength.