Singer Group turnover Rs. 18.7 b at end of Q3

The Singer Group's revenue rose by Rs. 3.2 b to Rs. 18.7 b, at the end of the third quarter. This is an increase of 21 percent compared to the corresponding period in the past year, a media release from the company stated.

The Group's retail operation, which comprises Singer Plus, Singer Mega, Sisil World and Singer Homes, recorded a revenue of Rs. 17.5 b. Singer Finance, the Group's pioneering financial services subsidiary, continued its spectacular climb, with revenues increasing by 46 percent.

These results were despite a challenging macroeconomic environment. The sharp devaluation of the rupee and the increase in interest rates, electricity costs and fuel prices had a significant negative impact on consumer sentiments and the overall economy.While revenues increased, the bottom line was impacted by interest expenses. The group net profit for the period was Rs. 887 m, which was a marginal two percent growth over the previous year while the company net profit for the period was Rs. 761 m, a marginal decline of two percent.

Singer volumes grew on most product lines with refrigerators increasing by 17 percent over the same period of the preceding year, while sales of domestic and artisan sewing machines improved by nine percent. Other product lines that showed impressive growth included fans (40 percent), microwave ovens (171 percent), air conditioners (33 percent), kitchen appliances (41 percent), irons (82 percent) and rice cookers (54 percent).