Singer reports solid June as people increase spending on durables

Singer (Sri Lanka) PLC reported some solid top and bottom-line performance in the three months ended in June 2025 supported by all its business segments as consumers splurged on consumer durables such as electrical and electronic appliances, furniture, sewing machines and the likes as the prices remained low while the financing cost came down.

The company reported revenues of Rs.27.53 billion for the April – June period, the company’s fiscal first quarter, up by a robust 44 percent from the same period a year ago.

The group’s home appliance segment saw its revenues rising by 32.6 percent to a massive Rs.9.79 billion while the consumer electronics segment saw its share of revenues rising even better at 38.9 percent to Rs.2.94 billion from a year ago levels.

The digital products segment which has the personal computers, laptops and mobile phones saw its revenues jumping 53.1 percent to Rs.5.75 billion for the quarter.

The group’s furniture segments saw its revenues rising by 54.9 percent to Rs.1.57 billion in the quarter.

The sharp increase in the top-lines of these segments showed that people have become able again to spend on white goods and consumer durables such as furniture due to higher disposable incomes made possible from the softer prices in the economy as well as the interest rates.

Further, the sewing machine sales also rose by 62.6 percent to Rs.811.42 million reflecting that people can now spend on things beyond their day-to-day essentials, on things they like to own at home to make their own dresses.

Sri Lankans after around three years are seeing their lifestyles changing for the better after they were forced to downgrade how they lived three years ago due to the shortage in essentials and runaway prices.

People who shunned borrowings to own things can now again purchase high value goods to pay later in installments as the interest rates have returned to levels where they can think of going for financing options.

Meanwhile, the group’s finance company subsidiary, Singer Finance Lanka PLC reported revenues of Rs. 4.78 billion, up 39.2 percent reflecting higher lending and hire purchase activities amidst lower interest rates.

Amidst these conditions, the group reported an operating profit of Rs.2.98 billion, up 96 percent from the same period in 2024.

The net finance cost declined 16 percent to Rs.437.26 million in the quarter despite the company taking on fresh borrowings as the rates were lower.

The company reported earnings of Rs.1.28 a share or Rs.1.49 billion for the June quarter compared to Rs.49 cents a share or Rs.567.68 million reported in the year earlier period.

The company’s share ended at 80 Cents or 1.23 percent higher at Rs.65.90 before the interim results were released.

As of June end, Hayleys group held 87.26 percent stake in Singer (Sri Lanka) while Dammika Perera held another 1.78 percent separately.