Singer Sri Lanka revenue tops Rs. 10 b mark in 1H

The Singer Group recorded Rs. 10.27 billion in revenue in the first half of the 2011 financial year.

This remarkable achievement was a 38% increase over the corresponding period in the 2010 financial year which, in turn, marked an impressive growth over the same period in 2009.

The boom in the Group’s revenue boosted its bottom line which, combined with higher margins and lower interest costs, resulted in a growth of pre-tax profits by 62% to Rs. 957.7 million. Profit after taxes surged by 69% over the same period in the previous year to Rs. 562 million.

In his Chief Executive’s Review, Singer Sri Lanka Group CEO,  Asoka Pieris, noted the strength of the Sri Lankan economy, which helped boost sales of its products. Continuing to consolidate its position as the country’s leader in consumer durable retailing, Singer Sri Lanka witnessed incredible growth in a range of key product categories. For example, the Group’s championing of more energy-efficient televisions, following the reduction of duties and taxes, drove a 69% increase in unit sales of televisions over the same period of the previous year, with all increases coming from sales of LCD and LED televisions. Sales of refrigerators also increased by 35% while sales of washing machines improved by 33%. Other product lines which had impressive growth were Audios (183%), Computers (69%), Air Conditioners (151%), DVD (39%), Small Kitchen Appliances (53%) and Fans (79%).   In spite of the buoyant overall economy, the Group did face a major setback when in January and February torrential rains caused severe flooding in certain parts of the country, destroying harvests and displacing many.

           The districts that bore the brunt of the damage were areas in which Singer has a very strong presence. Displaying true Sri Lankan tenacity and togetherness, the Group worked diligently to help the affected countrymen while ensuring that it overcame this difficult time by striving for accelerated growth in other districts. For example, the Group’s revenue in the Colombo District increased by 64%, due to its focus on innovative, premium quality products such as LCD and LED televisions, laptops, digital cameras, double-door refrigerators, and fully automatic washers, as well as its adherence to its multi-brand marketing strategy.

The formidable figures achieved by Singer Sri Lanka are a direct consequence of the value proposition that it offers to customers. With more than 340 stores island-wide, Singer Sri Lanka has the country’s most extensive retail network, giving shoppers unrivalled quality, convenience, and choice. This value proposition is further enhanced by its wide-ranging service network, which ensures that customers anywhere in the country can feel secure with the knowledge that their purchases are backed up by the industry’s best after-sales service.

 As the Group propels itself into the 2nd half of the 2011 financial year, it knows that its sustained success is built on the strength of its relationship with customers, and is committed to ensuring that, as Singer Sri Lanka grows, so do its customers.