While an improvement in the rural economy was noted in April-May, the company noted a lower consumer demand in urban areas. The consumer durables industry, where Singer is present, is more susceptible to market conditions than other industries.
In the period under review, the profit before tax increased to Rs. 640 million while profit for the period increased by 7% to Rs. 450 million.
In a statement, Singer said it anticipates gradual improvements in the business conditions during 2018 with an improved harvest in August/September and will pursue strategies to improve revenue and margins while lowering costs via key business initiatives.
Group CEO Asoka Pieris said: “Despite a challenging environment, Singer is continuing to increase market share and market leadership in consumer durables. We are confident that, with the new strategies and initiatives in place, combined with synergies of Hayleys Group, the Singer Group can look forward to significant growth.”
Group Chairman Mohan Pandithage said: “As the major shareholder, Hayleys Group is poised to significantly strengthen Singer’s growth prospects as the leader in consumer durables and maximise its potential further.”