Financial Times

Singer net profit down for 1H09 and 2Q09


The Singer (Sri Lanka) PLC Group net profit and revenue declined substantially in the first half of 2009 and the quarter ended 30 June 2009 as the company experienced profit declines in nearly all its sectors.
According to the company’s interim financial statements, the Group’s net profit for the six months ended 30 June fell by 84.6% to Rs.34.3 million compared to a net profit of Rs.223 million for the same period in 2008. Revenue decreased by 23.4% to Rs.5.7 billion. Other operating income for the Group decreased by 51.8% to Rs.54 million as other operating expenses increased by 20.3% to Rs.104 million.

The Group recorded a 91% drop in net profit for the quarter ended 30 June 2009 to Rs.8.4 million from a net profit of Rs..100 million for the corresponding period in 2008 while revenue decreased by 23.9% for the period under review to Rs.2.6 billion from Rs.3.5 billion last year. Other operating income decreased by 76.9% to Rs.23 million whereas other operating expenses increased by 18% to Rs.51 million.

The segmental analysis of Group profits before tax shows declines in sewing-related products, consumer electronics, white goods, kitchen-related products, communications, furniture and the agro sector for the first half of the year. The profit before tax from sewing related products was Rs.7.8 million compared to Rs.24 million last year while consumer electronics profit declined to Rs.16 million from Rs.53 million.

White goods profit declined to Rs.24 million from Rs.52 million in the first half of 2008. However, the transport sector profit increased to Rs.4.3 million from Rs.2 million while profit from Singer Finance (Lanka) Ltd increased to Rs.29 million from Rs.15 million last year.

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