Singer achieves Rs 20.8b revenue in first nine months
Singer Sri Lanka capped a strong third quarter by a group revenue of
Rs. 20.8 billion in the year to date, a growth of 12% over the previous
Revenue growth was driven primarily by significant gains in the
retailer's communication and digital media segment and improvements in
the country's business conditions.
The Company's communication and digital media segment expanded by
31%, when compared to the corresponding period of the previous year.
Every other segment in the retailer's business portfolio, with the
sole exception of the transportation segment, notched substantial gains.
The Agro segment grew by 19%, while sewing products grew by 15%,
furniture 13%, white goods 12%, kitchen-related products 11% and
consumer electronics by 6%.
The Company's revenue growth boosted its bottom line, with gross
profit increasing by 10%. Although selling and administrative expenses
increased by 12%, due to inflation and an increase in rents and
electricity, other operating expenses declined by 8%.
The net finance cost decreased by 11% due to a decline in interest
rates and a tight control of borrowings.