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."