Singer Sri Lanka net profit soars 95 percent

Singer Sri Lanka capped a strong 2011 financial year by recording the most successful quarter in the Group's history. CEO, Asoka Pieris, said that the Group's revenue for 2011 reached Rs. 22 b in the year under review while net profit grew by 95 percent.

Singer Sri Lanka's performance is even more noteworthy when the Group's Rs. 150.5 m net gain on dilution in the previous year, attributed to Singer Finance's IPO, is excluded. If this gain is set aside, the Group's net profit growth over the previous year is 152 percent.

The Group's fourth quarter growth was consistently strong with Singer (Sri Lanka) PLC notching a 38 percent increase in revenue while Singer Finance revenue rose by 27 percent. Overall Group revenue grew by 37 percent in the fourth quarter, buoyed by strong consumer demand for its innovative products and services.

The Group's outstanding results for the year were driven by the increasingly strong bond it shares with consumers, which were reflected in a surge in unit sales. Unit sales of televisions increased by 56 percent over the same period of the preceding year, while sales of refrigerators, washing machines and audio equipment improved by 35percent, 36 percent, and 36 percent. Other product lines that showed outstanding growth included computers (49percent), air-conditioners (109percent),small kitchen appliances (62 percnt) and fans (87 percent).

records 95 percent increase in profits Singer Sri Lanka capped a strong 2011 financial year by recording the most successful quarter yet in the Group's history.

Singer Sri Lanka's performance is noteworthy when the Group's Rs. 150.5 m net gain on dilution in the previous year, attributed to Singer Finance's IPO, is excluded. If this gain is set aside, the Group's net profit growth over the prior year is 152 percent.

The Group's fourth quarter growth was consistently strong with Singer (Sri Lanka) PLC notching a 38 percent increase in revenue while Singer Finance revenue rose by 27 percent.

Overall Group revenue grew by 37 percent in the fourth quarter, buoyed by strong consumer demand for its innovative products and services.

The Group's outstanding results for the year was driven by the increasingly strong bond it shares with consumers, which were reflected in a surge in unit sales.

Unit sales of televisions increased by 56 percent over the same period of the preceding year, while sales of refrigerators, washing machines, and audio equipment improved by 35percent, 36 percent, and 36percent. Other product lines that showed outstanding growth included computers (49 percent), air-conditioners (109 percent), small kitchen appliances (62 percent) and fans (87 percent).