Singer Sri Lanka ends 2011 with Rs. 22 b revenue; profits up 95%

Singer Sri Lanka has capped a strong 2011 financial year by recording the most successful quarter yet in the Group’s history.

 The consumer giant’s CEO Asoka Pieris noted that the Group’s revenues for 2011 reached Rs. 22 billion, while its net profit grew by 95% – remarkable figures that underscored the Group’s popularity with Sri Lankan consumers.

 Singer Sri Lanka’s performance is even more noteworthy when the Group’s Rs. 150.5 million 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 a staggering 152%.

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

 Overall Group revenue grew by 37% 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% over the same period of the preceding year, while sales of refrigerators, washing machines, and audio equipment improved by 35%, 36%, and 36% respectively.

 Other product lines that showed outstanding growth included computers (49%), air-conditioners (109%), small kitchen appliances (62%) and fans (87%).

 Singer Sri Lanka offers customers an unrivalled degree of choice in these product categories and others, reflecting its commitment to a multi-brand marketing strategy. The Group leverages the country’s most extensive retail network to give customers the freedom of shopping at a conveniently close location.

 Paired with the industry’s most widespread service network, Singer Sri Lanka is able to offer its customers an unbeatable value proposition. As the Group sets its sights on new heights, it is confident that it will be able to continually enhance its product and service offerings, enabling it to secure sustained success in the future.

source - www.ft.lk