LKCSE Colombo Stock Exchange Close
  • Current Exchange
    Colombo Stock Exchange LKCSE

Market time
Black
White

Send This Page To Friends and Colleagues

You can Enter more than one email separated by (,)
Allowed 100 characters only
03 June, 2014 09:12 AM Source: Financial Times - Sri Lanka
singer srilanka.jpg

Singer (Sri Lanka) has announced an 8% increase in Group revenue in the first quarter of the 2014 financial year, compared to the same period of the previous financial year. The Group’s gross profit continued to climb, increasing by 7.3% during this period.
However, after setting aside Rs. 46 million in order to address any potential liability caused by the possible imposition of deemed VAT in 2014, growth in gross profit fell to 5%.  Group profit decreased by 24%, due primarily to this provision for deemed VAT, as well as an increase in expenses. Selling and administration costs rose by 14%, due to inflation and an increase in rents and electricity expenses.
The Group’s net finance costs, however, decreased by 13%. Singer Finance, a Group subsidiary, reported an increase in revenues of 7%, although net profit declined by 6%.
Relatively low customer demand also tempered growth, with a sluggish business environment impacting most major retailers. Although the economic environment posed a number of challenges, Singer’s industry-best systems and culture have allowed it to weather the storm.
For example, the Group has been able to leverage its state-of-the-art online real-time ERP system, as well as its call centre service, SMS reminders and more traditional collection drives to ensure that the collections process was well managed.
In spite of the challenging business environment, Singer was happy to note that revenue increased in the electronics and white goods segments, which are critical drivers of the Group’s growth. Revenue from the Group’s communications segment continued to increase and recorded a growth of 20%.
With the nation’s most extensive retail and service network, Singer Sri Lanka is well positioned to reap the benefits of an improving economy. The Group currently operates more than 400 outlets island-wide and offers a staggering selection of the world’s best brands and products, giving customers unrivalled access to the lifestyle they desire.
Singer Sri Lanka has also snagged the country’s most coveted brand accolades, including ‘People’s Brand of the Year,’ ‘Youth Brand of the Year’ and ‘Consumer Durables Brand of the Year’ and looks set to continue its dominance of the industry it has pioneered.

Read Original Article

Add Comment | 0   comment

Readers Comment

Nothing found to display
page number 1

Add Comment

Please login first to comment Click here to login

Stocks in Focus


Features for Registered Users

E-mail Alerts
Daily Newsletter
Your Watchlist
Advanced Tools
and
Many more


Will automatically display the last quotes you have visited here.

All Rights Reserved - DUInvest © 2014

Login

Do You have an Account ? , Click here to create a new account

Your Opinion Matters

What do you think about the new Website?