Singer continues growth momentum
The Singer Groupís recently released results showed that it continued
its growth momentum. The 2012 first half revenue increased 23 % over the
prior year and 2012 first half net profit increased by 21 %.
The group revenue for the first half was Rs. 12.6 billion and net
profit was Rs. 680 million.
The Groupís results in the first half were impressive considering
that they were achieved despite a volatile economy and negative consumer
sentiments following the sharp rupee devaluation and sharp increases in
interest rates, electricity costs, and fuel prices.
Singer Sri Lanka Group CEO, Asoka Pieris said the increase in
interest rates was ďa major concern to all in the business sector.Ē
The Average Weighted Prime Lending Rate had soared dramatically from
9.4 % a year ago to 13.8 %. He pointed to the lower taxes in the current
year as a key factor in the improvement of after-tax profits for both
the Group as well as the company.
One of the continuing factors for the Groupís consistent success is
its position as the countryís leader in consumer durable retailing. It
continued to consolidate this position in the first half of the
financial year, with impressive growth in a number of product
For example, sales of microwaves increased by 510 % compared to the
same period of the previous year, while sales of Irons rose by 141 %.
Other product categories which enjoyed significant growth were
refrigerators (27 %), domestic and artisan sewing machines (16 %), fans
(59 %), air conditioners (34 %), kitchen appliances (42 %), rice cookers
(99 %), water pumps (29%), and bicycles (41%).
Singer Sri Lanka was successful in launching a number of new product
lines and models with high growth in categories such as cameras, mobile
phones, water purifiers, sprayers, induction cookers, gas cylinders, air
coolers, and blue ray players.
Singer Sri Lanka offers its customers the widest selection of brands
in these product categories and others, reflecting its commitment to a
multi-brand marketing strategy.
The Groupís outstanding performance has been built upon these
unbeatable value propositions, as well as the belief that its sustained
success is tied to the relationships it has forged with its customers.
As it looks forward to scaling new heights in the second half of the
financial year, the Singer Group has renewed its commitment to offering
its customers more vibrant lifestyles by continually enhancing its
product and service offerings.