Singer delivers exceptional Q3 performance with Rs. 869 mn PAT | Daily News

Singer delivers exceptional Q3 performance with Rs. 869 mn PAT

Delivering an outstanding performance, the Singer Group announced a post-tax-profit of Rs. 869.38 million for the third quarter (Q3) for FY20.

On a cumulative basis, Singer reported a substantial increase in consolidated profit-after-tax for the nine-month period ending December 2020 at Rs. 1.76 billion compared to Rs. 366.43 million in FY 2019. At Company level, Singer (Sri Lanka) PLC recorded a cumulative profit of Rs.1.17 billion, compared to Rs.102.97 million the previous year.

This performance reflects Singer’s resilience and effective implementation of the Group’s operating strategy, focus on driving targeted sales, continued robust demand for IT products, its efficient management of product margins and cost structure and the lower finance cost.

Contributing to these results was Singer’s consolidated revenue growth, which for Q3 increased by 20% to Rs. 18.66 billion. Cumulative revenues for year-to-date Q3 amounted to 16% to reach Rs. 49.4 billion.

Timely price revisions facilitated improved profitability margins with consolidated gross profit increasing by 8% to Rs.4.91 billion during the quarter and also rising by 8% on a cumulative basis. As a result of pursuing a strong sales drive, the company’s selling and administrative expenses for Q3 increased by 8% to Rs. 3.28 billion. Due to continued pressure on repayment capabilities reflecting the economic toll of the pandemic, costs on trade and other receivables increased by 51% during the quarter.