The revenue of Singer Industries (Ceylon) Plc showed a decrease of 13% from Rs.743 mn to Rs.646 mn, which could be attributed to the reduction of demand for our traditional products lines together with a slowdown of the Sri Lankan economy which was affected by adverse weather conditions in the earlier part.
Nevertheless, it is encouraging to see that the company has recorded approximately 10% of its revenue from washing machine component sales in its first full year, after commencing operations in the final quarter of 2016.
Furthermore, the company ventured into manufacturing of refrigerator components for Regnis (Lanka) PLC during the final quarter of 2017 as a temporary subcontract operation.
In the coming year, two new portable domestic sewing machines are expected to be introduced in order to capture existing market voids and thereby rejuvenate the company’s traditional product portfolio.
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