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 year.

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.