Singer Sri Lanka hits Rs. 10 b revenue mark in 1H, 2011

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 percent 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 percent to Rs. 957.7 million.

Profit after taxes surged by 69 percent over the same period in the previous year to Rs. 562 million. Singer Sri Lanka Group CEO, Asoka Pieris, said the strength of the Sri Lankan economy, 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.

The Group's championing of more energy-efficient televisions, following the reduction of duties and taxes, drove a 69 percent increase in unit sales of televisions over the corresponding period of the previous year, with all increases coming from sales of LCD and LED televisions. Sales of refrigerators also increased by 35 percent while sales of washing machines improved by 33percent.