Singer Sri Lanka f urther strengthened its position as the leader in Sri Lanka’s consumer durables sector as the Singer Group’s revenue rose by Rs. 3.2 billion to Rs. 18.7 billion, at the end of the third quarter. This is an increase of 21% when compared to its results from the same period last year. The Group’s retail operation, which comprises Singer Plus, Singer Mega, Sisil World and Singer Homes, recorded revenues of Rs. 17.5 billion. Singer Finance, the Group’s pioneering financial services subsidiary, continued its spectacular climb, with revenues increasing by 46%.
These results were despite a challenging macroeconomic environment. The sharp devaluation of the rupee, together with the increase in interest rates, electricity costs and fuel prices had a significant negative impact on consumer sentiments and the overall economy. In addition, the drought destroyed part of the harvest and resulted in power cuts and shortages of water for consumers in some districts further affecting the consumers.
While revenues increased, the growth in bottom line was impacted by interest expenses. The group net profit for the period was Rs. 887 Million, which was a marginal 2% growth over prior year while the Company net profit for the Period was Rs. 761 million, a marginal decline of 2%.
Singer volumes grew on most product lines with refrigerators increasing by 17% over the same period of the preceding year, while sales of domestic and artisan sewing machines improved by 9%. Other product lines that showed impressive growth included fans (40%), microwave ovens (171%), air conditioners (33%), kitchen appliances (41%), irons (82%) and rice cookers (54%).
Validating its commitment to giving customers the very latest in international products and brands, Singer Sri Lanka also saw substantial growth in the sales of new products. These categories included cameras, mobile phones, water purifiers, sprayers, induction cookers, gas cylinders, air coolers and Blu Ray players. The Group offers customers unbeatable choice and quality in these product categories and others, reflecting its reliance on a multi-brand marketing strategy.
With the island’s most extensive retail network, Singer Sri Lanka gives its customers the freedom of shopping at a conveniently located outlet. Together with the industry’s most widespread service network, the Group is able to offer an unbeatable value proposition. The Group’s reputation for ‘trusted excellence’ and its dedication to continuously improving its product and service offerings form the foundation of its success, allowing it to thrive in spite of challenging market conditions.