Singer (Sri Lanka) PLC announced yesterday its Group results for the year ended December 31, 2017. The results showed an increase in Group revenue of 9.8 % compared to the previous year, with Group Revenue exceeding Rs. 51.5 billion in spite of tough business conditions.
The continuous drought in the dry zone resulted in a sharp drop in the harvest eroding the purchasing power of a large segment dependent on agriculture. Customer purchasing power was further affected by increased Value Added Tax (VAT), higher interest rates compounded by floods in the wet zone. The consumer durables industry, is normally affected much more than other sectors when consumer incomes decline.
Commenting on the results, Asoka Pieris, Group CEO said “The change of ownership has been extremely positive. Singer continues to pursue its strategies to maintain market leadership in consumer durables. We believe that with additional ideas, plans and resources generated by the new owners and synergies with Hayleys PLC, a bright future augurs for the Singer Group.”
Commenting on the outlook, Mohan Pandithage, Group Chairman said “Hayleys Group as the major shareholder is confident that Singer’s position as the leader in consumer durables will further strengthened as Hayleys and Singer have an excellent strategic fit with potential for significant growth prospects.”
The continuous drought in the dry zone resulted in a sharp drop in the harvest eroding the purchasing power of a large segment dependent on agriculture. Customer purchasing power was further affected by increased Value Added Tax (VAT), higher interest rates compounded by floods in the wet zone. The consumer durables industry, is normally affected much more than other sectors when consumer incomes decline.
Commenting on the results, Asoka Pieris, Group CEO said “The change of ownership has been extremely positive. Singer continues to pursue its strategies to maintain market leadership in consumer durables. We believe that with additional ideas, plans and resources generated by the new owners and synergies with Hayleys PLC, a bright future augurs for the Singer Group.”
Commenting on the outlook, Mohan Pandithage, Group Chairman said “Hayleys Group as the major shareholder is confident that Singer’s position as the leader in consumer durables will further strengthened as Hayleys and Singer have an excellent strategic fit with potential for significant growth prospects.”
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