Sri Lanka Equity Forum
Dear Reader,

Registration with the Sri Lanka Equity Forum would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
Sri Lanka Equity Forum

Discussion Forum for Stock Market Investors in Sri Lanka

සිංහල පරිවර්තනය
Submit Post
Submit Post
Market Place

Add an ad

View all ads

Latest topics

» Pakistan’s trade with Sri Lanka comes to a halt
by hammurabi Yesterday at 11:12 pm

» New Support Level 5300
by hammurabi Yesterday at 8:47 pm

» Market will test 4700
by hammurabi Yesterday at 8:13 pm

» EAST Steady at 18
by m2_yapa Yesterday at 7:18 pm

» LIOC upward curve
by hammurabi Yesterday at 7:14 pm

» UNION BANK (UBC) to be takeover by Union bank of india
by Lucky Gamage Yesterday at 6:26 pm

» SEC yet to publish its 2017 Annual Report
by Teller Yesterday at 5:10 pm

» Keep eye on Politics
by Teller Yesterday at 5:01 pm

» Why AAIC Should trade above RS.50/-
by wisdom79 Yesterday at 1:44 pm

» HNB Assurance March net down 83-pct
by Teller Yesterday at 1:18 pm

» PABC net down 13-pct in March; loans contract
by Teller Yesterday at 1:15 pm

» Indian stocks jumped to record highs
by Teller Yesterday at 1:13 pm

» modi wins-India to no1 in the world
by Teller Yesterday at 1:07 pm

» Hayleys revenue up 34% YoY to Rs 219 bn in FY 18/19
by Teller Yesterday at 1:02 pm

» undervalued stock
by Teller Yesterday at 1:00 pm

» CIND , 10% guaranteed return
by Teller Yesterday at 12:57 pm

» CSE from Dawn of Peace to Rebirth of Terrorism
by Sstar Yesterday at 12:09 pm

» INVITATION TO FORUM MODERATORS
by Agape Yesterday at 8:52 am

» Reputation???
by Uaecoindubai Wed May 22, 2019 7:12 pm

» Daily Stock Market Update
by Insights Equity Wed May 22, 2019 6:47 pm

» INVEST ON AAIC, HASU, UAL.... YOU WILL NEVER WORRY......
by wisdom79 Wed May 22, 2019 5:56 pm

» AIA INSURANCE DE-LISTING (CTCE)
by lokka1 Wed May 22, 2019 12:55 pm

» Sri Lanka’s Top 10 Imports
by Gajaya Wed May 22, 2019 11:16 am

» Top 10 Small Scale Business ideas & Opportunities in Sri Lanka 2019
by Gajaya Wed May 22, 2019 11:15 am

» when bank lending rates put down ?
by nuwanmja Wed May 22, 2019 11:01 am

» Sri Lanka’s largest pension fund EPF return to Colombo Stocks
by wisdom79 Tue May 21, 2019 10:46 pm

» Sri Lanka's EPF enters stock market with blood in the streets
by God Father Tue May 21, 2019 8:21 pm

» Sri Lanka caught in the big power conflicts
by God Father Tue May 21, 2019 8:16 pm

» High Profile Selling at EAST
by Uaecoindubai Tue May 21, 2019 4:43 pm

» A Trader’s Guide to FIX Engine
by Brenda John Tue May 21, 2019 11:24 am

» Reasons for market to crash
by Uaecoindubai Tue May 21, 2019 10:08 am

» ගෙවුම් ශේෂය, වාහන බලපත් හා ඩොලරයේ මිල
by ChooBoy Mon May 20, 2019 5:59 pm

» Terrorism and its Impact on the Sri Lankan Economy
by ChooBoy Mon May 20, 2019 5:41 pm

» Sri Lanka Equity Market Place
by Sstar Mon May 20, 2019 4:36 pm

» Sri Lanka Equity Market Talk
by Sstar Mon May 20, 2019 12:23 pm

» Sri Lanka Equity Market Help
by Sstar Mon May 20, 2019 12:18 pm

» LOFC IN FOR A BIG RUN
by stockback Sun May 19, 2019 5:20 pm

» Look PAP Amazing company
by Uaecoindubai Sun May 19, 2019 5:13 pm

» Sri Lanka Equity Market Place
by Uaecoindubai Sun May 19, 2019 5:13 pm

» CSE NOW AND AFTER ELECTION
by Ahcha Sun May 19, 2019 4:40 pm

» Do not be greedy, rely on small profits Guide to the markets
by Asoka Samarakone Sun May 19, 2019 12:11 pm

» 6 % of EPF funds in stock market
by hammurabi Sat May 18, 2019 3:47 pm

» Weekly Stock Market Roundup
by Insights Equity Sat May 18, 2019 12:54 pm

You are not connected. Please login or register

Sri Lanka Equity Forum » Stock Market Talk » Singer to report heavy losses

Singer to report heavy losses

Go down  Message [Page 1 of 1]

1Singer to report heavy losses Empty Singer to report heavy losses on Wed Apr 24, 2019 10:34 am

God Father


Stock Analytic
Stock Analytic
[size=33]Singer to report heavy losses Image_1550033283-7602ddafc6[/size]

 

Costs stemming from heavy borrowings and substantial exchange losses weighed on Singer Sri Lanka PLC as the country’s largest consumer durables retailer and white goods maker suffered a loss for the quarter ended in December 2018 (3Q19). 


Singer Sri Lanka reported Rs.15.9 billion revenues for the October – December period, up 10 percent year-on-year (YoY) while the group operating profit rose by 21 percent YoY to Rs.1.1 billion. 



The operating results are an indication that the maker of the name sake Singer sewing machines is slowly regaining the momentum it lost due to the vagaries in the weather and the economy.



Sale of consumer durables is a strong barometer of the health of an economy and the confidence the people have on the economy. 



Singer, a household brand made significant strides during the last three decades after it became a distributor for many world famous consumer durables brands and technology products. 



Today Singer is the largest retailer of smartphones via its network—the largest in the country.



Apart from consumer durables, the group has interests in financial services via its licensed finance company which supports sales via hire purchase. 



Hire purchase consists of a significant part of Singer’s sales as it enables the farming community to have the joy of owning a television, a refrigerator or a stereo set up.   



The ownership of the retail behemoth changed hands in 2017 when Sri Lanka’s Hayleys group controlled by the businessman Dhammika Perera bought 82.81 percent stake in Singer from its former controlling shareholder, Retail Holdings (Sri Lanka) BV, in a blockbuster deal valued at Rs. 15 billion.



Singer group reported a loss per share or 48 cents or Rs.180.4 million in losses compared to earnings of Rs. 49 cents a share or Rs.184.4 million recorded for the corresponding period in 2017. 



Meanwhile, for the nine months ended December 31, 2018, the Singer group reported earnings of 25 cents a share or Rs.94.2 million in total earnings compared to Rs.1.78 a share or Rs.669.8 million reported for the same period a year ago.



The sales for the nine months grew by 13 percent YoY to Rs.44.5 billion while the profit from operations grew by 12 percent YoY to Rs.3.24 billion. 



As a result of the substantial increase in borrowings, the finance cost rose by 57 percent YoY to Rs.827.6 million for the quarter and 31 percent YoY to Rs.2.18 billion for the nine months.



Singer Sri Lanka’s long-term borrowings rose by almost Rs. 5.0 billion during the nine months to December 2018. 



Meanwhile, the group incurred exchange losses of Rs.187.9 million for the quarter and Rs.355.2 million for the nine months as a result of its importation of certain white goods. The Sri Lankan rupee lost 19 percent in value during 2018 against the US dollar. 



As at December 31, 2018, Hayleys group entities held 90.43 percent stake in Singer Sri Lanka while Dhammika Perera directly held 1.85 percent in the company. 

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum