FY19 was a challenging year for the Group due to subdued growth in economic activity and per capita income affecting the consumer durables industry adversely. SINS is the largest retailer, financier and manufacturer of consumer durables with 442 retail stores in the country. Negative growth in high margin items coupled with higher discounts on slower moving items resulted in GP margins for the Group contracting from 27.96% to 27.52% (YoY) during the year. Increases in exchange losses and finance...
Singer (Sri Lanka) PLC recorded 1QCY17 sales of Rs. 12bn, up 14% YoY and recurring earnings of Rs.160mn down 53% YoY, after adjusting for the one off gain on bargain purchase of Rs.443mn seen in 1QCY16, resulting from the acquisition of Singer Industries (Ceylon) PLC and Regnis (Lanka) PLC. 1QCY17 operating profits on a recurring basis rose marginally by 2% YoY to Rs. 886mn, cushioned by topline growth amid a slight dip in gross margins. The consumer electronics and financial services segments s...
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