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Tue, 21 May 2013 18:58:59
Sri Lanka Singer unit hit by weak consumer spending
19 Aug, 2009 14:34:18
Aug 19, 2009 (LBO) – Singer Sri Lanka said June 2009 quarter net profits fell 92 percent to 8.41 million rupees from a year ago as weak consumer demand for key electronics, kitchen and household appliance products severely hit sales.

Singer Sri Lanka said in a stock exchange filing that group revenues in the quarter were down almost 24 percent to 2.69 billion rupees.

Sales of 'white goods' like washing machines and refrigerators were down 10.4 percent to 1.05 billion rupees, while consumer electronics sales fell 37.3 percent to 572.4 million rupees.

Sewing machine sales were down 32.6 percent to 295 million rupees, while kitchen related product sales slid 24.7 percent to 176.6 million rupees.

Furniture sales were down 32.7 percent to 126 million rupees.

Singer is the local agent for Whirlpool, Samsung, Panasonic, Philips and TLC electronic household products.

Sales and administrative costs were down 19 percent to 777.1 million rupees, while other operating expenses were up 18 percent to 51.6 million rupees.

In the June 2009 quarter net finance costs fell 15.1 percent to 294.7 million rupees from the corresponding quarter last year.

Group income tax expenses for the June quarter were 6.9 million rupees, while last year the company received a tax rebate of 11.7 million rupees.

Singer's assets in property, plant and machinery were up 11.8 percent to 1.35 billion rupees, while the company had cut 25.3 percent of inventories to 2.21 billion rupees in the quarter from the corresponding 2008 quarter.

The group's long term loans and borrowings were down 40.7 percent to 1.46 billion rupees, while short term loans and borrowings were 20.2 percent to 3.84 billion rupees.

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