Singer's Q2 profit up 22.3pc
Singer Bangladesh's net profit rose 22.3 percent year-on-year to Tk 24.82 crore in the second quarter of the year on the back of stable trading conditions and new marketing initiatives and products.
Its turnover in the April-June period also increased 26 percent to Tk 340 crore, according to a statement from the company yesterday.
Singer has continued to enjoy significant unit sales increases in many product categories, said its Chairman Gavin Walker.
Panel televisions unit sales rose 49 percent, washing machines 47 percent, refrigerators 42 percent, furniture 40 percent and air conditioners 36 percent.
“Our manufacturing operations have enabled us to reduce our selling prices to customers, while maintaining strong gross margins in the Q2. We are well-placed to generate further impressive growth for the remainder of the year,” he added.
Singer's gross revenue during the quarter stood at 26.9 percent, down slightly from a year earlier.
The operating expense was 15.7 percent of the revenue, which was the same as in the previous year, despite a meaningful increase in advertising expenditure and visibility in the market.
Earnings per share rose at the same rate of the profit after tax.
Its associated company International Appliances has increased production of refrigerators as strong sales are expected for Eid-ul-Azha, due to take place in the third quarter.
Singer's financial service offerings -- Western Union, Bkash, Grameen airtime reloads and utility bill payments -- shot up 45 percent in value in the first half of the year and also brought over 500,000 additional customers to stores during the period.
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