Singer aims high with optimism for the future
A fervent determination to believe in the Sri Lankan dream despite
present market conditions saw Singer (Sri Lanka) invest for the future,
according to the review of its financial results for 2007.
Chairman Singer Hemaka Amarasuriya
The company gross profit of Rs 4,887 million for 2007 registered a
13% increase over the previous year, and company revenue grew by 12%.
However macro-economic factors depleted net profit of Rs 310.6
million which was 27.4% lower than the previous year.
Business growth saw investment in human resource (an increase of
nearly 10%) and infrastructure improvement by way of renovation and
expansion of the sales distribution network.
Macro-economic factors which hindered growth included double digit
inflation and a continuingly depreciating rupee, increase in fuel costs
and import tariffs, high interest rates and the unstable security
situation (which in particular meant that many of the markets in the
North and East could not perform to full potential).
Despite a lower net profit than the previous year, the company made
several strategic gains.
The masterstroke was the clinching of the coveted national
distributorship for Samsung, the leading global electronics brand.
Another gain was the 'acquisition' of Hayleys' consumer products
channel which underpinned progression towards a comprehensive expansion
of the Company's retail presence throughout the island.
Similarly the introduction of the Nokia sales agency added to brand
stature, the company said. Chairman Singer (Sri Lanka) Hemaka
Amarasuriya commenting on the reprot said: 'Our aim in the last
financial year was to retain the Company's position as a national
retailing icon with consumer-centricity as our focal point.'
Indeed with a multi-brand strategy encompassing global names such as
Samsung Whirlpool, Philips, Hitachi, Moulinex, Rowenta, Panasonic,
Nokia, Toshiba and more, Singer (Sri Lanka) serves a customer base of
over four million households.
In 2007, for the first time Singer Mega achieved sales of over Rs 1
billion, a 32% increase over the previous year.
Five of the nine Singer Mega stores achieved sales of over Rs 100