Singer posts Rs. 640m PBT in 1Q | Sunday Observer

Singer posts Rs. 640m PBT in 1Q

12 August, 2018
Mohan Pandithage, Dhammika Perera and Asoka Pieris
Mohan Pandithage, Dhammika Perera and Asoka Pieris

Singer (Sri Lanka) PLC released its results for the quarter ended June 30, 2018 last week. The results show an increase of 16% in revenue amounting to Rs. 15.1 billion, compared to the previous year, 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.

The profit before tax increased to Rs. 640 million while profit for the period increased by 7% to Rs. 450 million. The company 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, the Hayleys Group is poised to significantly strengthen Singer’s growth prospects as the leader in consumer durables and maximise its potential further.”

Singer commenced business in Sri Lanka in 1877 and shares of the company are publicly traded on the Colombo Stock Exchange.

The Board of Directors of Singer (Sri Lanka) PLC comprises Mohan Pandithage - Chairman, Dhammika Perera – Co-Chairman, Asoka Pieris – Group Chief Executive Officer, Stephen Goodman, Deepal Sooriyaarachchi, Dumith Fernando, Gavin Walker, M. H. Jamaldeen, Sarath Ganegoda, Dilip de S. Wijeyeratne and Otara Gunawardene. 

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