Singer Bangladesh posts 23pc rise in profit

The profit of Singer Bangladesh rose 23 percent year-on-year to Tk 84.05 crore thanks to the record sales during the Eid-ul-Azha festival in 2018.

The company's revenue also increased 26 percent year-on-year to Tk 1,160 crore in the first nine months of the year, Singer said in a statement yesterday.

Operating profit during the period rose by 41.3 percent with higher gross margins at 26.9 percent versus the prior year of 26.5 percent.

“Singer continued to focus on managing operating expenses, which at 15.6 percent of revenue in the period was reduced from 16.5 percent in the prior year,” the company said in the statement.

“Singer Bangladesh continued to report strong growth and record festival sales and this was achieved despite heavy rain during summer in many parts of the country which affected our distribution network,” said Gavin Walker, chairman of Singer Bangladesh.

“We thank the Singer management and staff for their massive effort and commitment to achieve these great results in this challenging trading environment. The 23 percent increase in Q3 net income is most commendable with improved margins and lower costs.”