Rs. 25.3 m profit in 2Q for Singer Industries on Singer sale

Singer Industries (Ceylon) Plc said that the profit attributable to the second quarter from its recent sale of balance stake in parent Singer (Sri Lanka) Plc will be Rs. 25.3 million only.

It said that a major portion of its stake in Singer Sri Lanka (1.4% as at March 31, 2011) was disposed on May 30th.

“The total profit attributable to the sale of the investment was Rs. 190.8 million. However since this investment was earmarked for sale, in 2010 it was marked to market and the company recognized Rs. 135.8 million in the Income Statement in 2010. A further gain of Rs. 29.7 million was recognized in the first quarter of 2011 as the Company continued to mark to market. Therefore the profit attributable to the second quarter on the final sale amounted to Rs. 25.3 million,” Singer Industries said.On May 30 Singer Industries share price gained by Rs. 13.40 and May 31st by Rs. 24.40 to close at Rs. 210.40. On Wednesday it dipped to Rs. 200.70 and yesterday’s closing price was Rs. 201.30 up by 60 cents.

Its parent yesterday dipped by Rs. 6.60 to Rs. 132.30.  On Tuesday it gained by 15.32% or Rs. 20.10 to Rs. 151.30, whilst it hit an intra-day high of Rs. 169.50. On Wednesday it closed lower at Rs. 138.90.