Singer Industries show decline in profits
Singer Industries (Ceylon) Ltd, the sewing machine manufacturer and a subsidiary of Singer Sri Lanka Ltd has shown a decline in its profitability due to industrial disputes and a factory closure.
The company posted a Rs.28 million profit last year, compared to 2006’s Rs.33 million. Turnover in 2007 was Rs.746 million, down four percent compared to Rs.779 million in 2006.
“Our aspirations for revenue growth were unfulfilled in 2007 due to planned closure of the TV antenna plant and reduced production of sewing machines because of an unfortunate dispute with employees in the first quarter (2007),” Hemaka Amarasuriya, Chairman Managing Director, Singer Industries has said in the annual report.