Singer profit tops Rs 875 m in first nine months
Singer Sri Lanka recently announced strong third quarter results that
validate its dedication to customer satisfaction. In his review, CEO
Asoka Pieris noted that the groupís revenue rose to Rs 15.47 billion at
the end of the first nine months.
The revenue represents a growth of 37% over the same period of the
previous year and reflects Singer Sri Lankaís unbeatable leadership
position in consumer durable goods. Boosted by a buoyant economy,
consumers have greatly increased their demand for the companyís products
and services. The increase in sales volume, together with higher margins
and lower interest costs, contributed to the groupís pre-tax profits
growing by 84% to Rs 1,434 million, while profit after tax surged by
101% to reach Rs 875 million in the first nine months.
The company continued to introduce a wide range of cutting-edge
consumer products. For example, in the period under review, Singer Sri
Lanka unveiled multiple brands of LCD and LED televisions, Samsung Smart
TV, a selection of Blue-Ray players, including Singerís own model,
Hitachi and Singer side-by-side refrigerators, and much more.
These new products, coupled with lower selling prices due to
reductions in taxes and duties and increased advertising and promotions
resulted in an increase in sales volumes.
The groupís multi-brand marketing strategy as well as its desire to
reach more Sri Lankans all across the island, has clearly driven its
In the period under review, Singer Sri Lanka opened 11 new outlets,
while Singer Finance opened a fully-fledged new branch in Ampara and
added two new service window outlets. The group is able to offer
shoppers unrivalled quality, convenience and choice. Singer Sri Lanka
further extends this value proposition by having the countryís most
extensive service network, guaranteeing that customers all over the
island continue to feel secure in their purchases and ensuring that the
group continues to move from strength to strength.