The Singer Group with revenues of Rs. 6.2 billion for the first quarter of 2012 has expressed confidence in its continued growth. In a statement, the company said group revenue rose by Rs. 1.1 billion in absolute terms and by 22% in percentage terms over the first quarter of the previous year. Singer Sri Lanka Group CEO Asoka Peiris said that the organization's performance came despite the fact that consumer sentiments were affected by the rupee's devaluation and sharp increase in electricity and fuel costs. The growth in the group's revenue boosted its profit before tax by 11% and its profit after tax by 36%.
"The group's outstanding performance was driven, in part, by a surge of sales in major product categories, signaling continued success in its mission to improve Sri Lankan lifestyles.
For example, sales of refrigerators increased by 40% over the first quarter of 2011, while sales of domestic and artisan sewing machines improved by 25%. Other product lines which experienced significant increases were fans (74%), microwaves (501%), air conditioners (52%), kitchen appliances (55%), irons (229%), water pumps (45%) and bicycles (61%)," the statement said.
With more than 360 stores island-wide, Singer Sri Lanka says it has the country's most extensive retail network, giving shoppers unbeatable quality and selection at a conveniently close location.