Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Singer revenue increases by 13% in 1Q 2018 to Rs. 13.6 billion
Wed, May 16, 2018, 08:23 am SL Time, ColomboPage News Desk, Sri Lanka.

May 16, Colombo: The Singer Group revenue in the quarter ended 31st March 2018 was Rs. 13.6 billion, an increase of 13% compared to the prior year despite the business conditions in quarter remained challenging.

In the period under review for the three months ended 31 March 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% to Rs. 212.3 million.

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 31 March to be in line with the accounting period of the Hayleys Plc Group and the group revenue recorded for the 15 months was Rs. 65.1 billion. The profit for the 15 months was Rs. 1.22 billion.

The company continues to anticipate gradual improvements in the Business Conditions during 2018 and are also pursuing strategies to improve revenue and margins and lower the costs. The key business initiatives are:

• To grow e-commerce business and to supplement the retail business to assist in the last mile delivery of e-commerce.

• To grow furniture business exponentially with a wider range available to customers in a larger range of showrooms.

• To accelerate the renovation and expansion of existing shops to increase the retail space to cater for the additional products and brands (in particular furniture).

• To strengthen and enlarge manufacturing operations with new factories, additional machinery and more advanced technology

• New initiatives have been launched to extend customer reach and satisfaction.

Commenting on the results, Singer Sri Lanka Group CEO Asoka Pieris said: "After a smooth change of ownership, Singer is successfully continuing to retain market leadership in consumer durables. We believe that with synergies with Hayleys Group and with new strategies and initiatives a bright future augurs for the Singer Group and our stakeholders."

Hayleys Group Chairman Mohan Pandithage said: "Hayleys Group as the major shareholder is confident that Singerís 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."

 

ColomboPage - Recent 10 Stories ::
Sri Lankan entrepreneurs clinch top Asian award
-- [1 hour and 43 minutes ago]
CID arrests the Navy officer 'Navy Sampath' suspected in abduction of 11 youths
-- [2 hours ago]
Navy brings ill fisherman ashore for immediate treatment
-- [2 hours ago]
Ministry of Health to recruit 1300 Family Health Officers
-- [2 hours ago]
Sri Lanka Central Bank to issue 'Panda' and 'Samurai' bonds this year
-- [3 hours ago]
Justice Minister not taking hasty measures to resolve women prisoners' protest
Finance Ministry stresses that the normal petrol and diesel prices do not increase under the revision of the price
Piramal Glass Ceylon Revenue increases by 17.5% in Q1- F19
Queen recognizes Sri Lankan volunteer Prashan De Visser with a Commonwealth Points of Light award
India's envoy highlights strengthened bilateral development partnership with Sri Lanka

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.