|
|
|
|
  |
| Sunday, 27 March 2005 |
 |
|
 |
Business |
 |
|
News Business Features
Editorial
|
Singer into corporate finance by Jayampathy Jaysinghe The Singer Company has now ventured into corporate finance by setting up Singer Finance Lanka Ltd, the latest finance company to be approved by The Monetary Board of the Central Bank. The finance company will soon accept deposits from the public. Chairman, Singer Company, Hemaka Amarasuriya said last week that Singer has plans to expand and diversify its product range to cater to all segments of the market. The products include furniture and kitchen related products, such as gas ovens, cookers, electronics and transportation. He said 295,000 televisions and 160,000 refrigerators were sold country-wide last year. Singer sewing machines had brought in Rs. one billion revenue to the company. The other three categories that did well were products such as refrigerators and washing machines. "We have modern furniture sold to specific buyers. We are building the largest furniture store at Ratmalana," he said. Added to these products are the Indian motor cycle Kinetic which has won the Indian export trophy award. The company also sells Mountain bikes Mo-peds and Scooters. According to Singer's financial statement the company had increased its net revenue from Rs. 6.2 billion to Rs. 8.6 billion, an increase of 38 per cent over the previous year. Gross turnover had increased from Rs. 7 billion to Rs. 9.7 billion and the gross profit for the year was Rs. 2,862 million as against Rs. 2,046 million in the previous year. Net profit recorded an increase of 32 per cent. According to the Singer annual report substantial volume growths were recorded for televisions, audios, VCDs, DVDs, refrigerators, washing machines, motorcycles, furniture and sewing machines. In a bid to help the tsunami victims Singer has set up a Tsunami Relief Fund which now stands at over to Rs. 5 million with contributions from the staff and their business partners. The money will be used to rehabilitate two schools. The Singer company is awaiting approval of the Education Ministry to take
over two schools, one in the South and the other in the East. |
|
|
| News
| Business |
Features |
Editorial | Security | Produced by Lake House |
