FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post

Poll

Can there be another Covid-19 wave in Sri Lanka?

 
 
 

View results

STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Singer revenue tops Rs. 51.5 billion

Singer revenue tops Rs. 51.5 billion

Go down  Message [Page 1 of 1]

1Singer revenue tops Rs. 51.5 billion Empty Singer revenue tops Rs. 51.5 billion Sat Feb 03, 2018 7:55 pm

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
Singer (Sri Lanka) PLC announced 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.

The entire industry was not in a position to pass on the increase in VAT and other costs to customers. As a result of this and the product mix gross margin reduced in 2017. The group was able to successfully lower selling and administration expenses. While the previous year recorded one-time gain of Rs. 563 Million there was no one-time gain in 2017.

Net Finance Cost for 2017 increased 32% to Rs. 1950 Million largely due to increase in interest rates and borrowings. The lower margins and high interest rates impacted the group’s profitability. Group net profit was Rs. 1008 million, a reduction of 43% compared to the previous year excluding the one-time gain during 2016.

While anticipating improvement in the business conditions during 2018, the Company has launched strategies to improve revenue and margins and lower costs. Noteworthy key business initiatives are:

To grow e-commerce business and to supplement the retail business

To grow the furniture business exponentially with a wider range available in a larger range of showrooms

To accelerate the renovation and expansion of existing shops to increase the retail space to cater to additional products and brands, specifically
furniture. - Singer

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum