Singer’s turnover rises 27.7pc in Q1
Turnover of Singer Bangladesh rose 27.7 percent year-on-year to Tk 140 crore in the first quarter of 2016, thanks to stable trading conditions, additional marketing initiatives and new products.
The company’s gross margin also increased to 30.4 percent in the quarter that ended on March 31, from 25.6 percent in the previous year, it said in a statement.
Singer has also focused on managing operating expenses, which came down to 22.6 percent of turnover, down from 24.1 percent in the previous year, while net interest costs were lower at Tk 1.45 crore compared to Tk 2.15 crore in 2015. The company's profit after tax reached Tk 6.14 crore, which is a significant improvement compared to last year, according to the statement.
Moreover, Singer's associate company International Appliances Ltd also began production of refrigerators during the quarter, which will come to the market later in the year. The company has also expanded air conditioner assembly operations and will expand the LED assembly operations and furniture manufacturing by this year.
Singer's financial service offerings increased in value by 140 percent in the quarter, bringing nearly 150,000 customers to the stores during the period.
“I am very pleased with the progress made in the first quarter of 2016,” said Gavin Walker, chairman of Singer Bangladesh. “The new manufacturing initiatives underway have tremendous potential for the future. We will also be investing considerably in advertising as the year progresses,” Walker said.
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