Singer first quarter revenue increases by 13% | Daily News

Singer first quarter revenue increases by 13%

Mohan Pandithage, Chairman and Co-Chairman Dhammika Perera
Mohan Pandithage, Chairman and Co-Chairman Dhammika Perera

Singer (Sri Lanka) PLC announced today its results for the quarter ended March 31, 2018.The results showed an increase of 13% in revenue amounting to Rs. 13.6 billion compared to the same quarter in previous year, in spite of challenging business conditions.

In the period under review for the 3 months ended March 31, 2018, profit before tax was Rs. 419.8 million, recording a slight growth of 3% over the previous year.

However corporate taxes increased during the period under review as subsidiaries declared dividends resulting in withholding tax.

As a result the profit after tax for the period decreased by 14%.At the same time, dividends boosted the results of the parent company and the profits for the quarter increased by 51% to Rs. 481.9 million. The Accounting Year of the Group has changed to March 31, to be in line with the accounting period of Hayleys PLC Group and the group revenue recorded for the fifteen months was Rs.65.1 billion.The profit for the fifteen months was Rs. 1.2 billion.

Commenting on the results, Asoka Pieris, Group CEO said, “After a smooth change of ownership Singer is successfully continuing to retain market leadership in consumer durables.”

Mohan Pandithage, Group Chairman commented “Hayleys Group as the major shareholder is confident that Singer’s position as the leader in consumer durables will be strengthened as Hayleys and Singer have an excellent strategic fit to benefit from significant growth prospects.” 

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