Sri Lanka consumer durables group, sales, profits drop

Nov 18, 2013 (LBO) - Profits and revenues at Singer (Sri Lanka) Plc, a top consumer durables seller dropped 67 percent to 62 million rupees in the September 2013 quarter from a year earlier, amid tight economic conditions.
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Furniture, transport and agro products also dropped. But communications sector rose to 871 million rupees from 338 million rupees.
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The group reported earnings of 50 cents per share for the quarter.

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For the nine months to September earnings were 2.
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93 rupees per share on total profits of 366 million rupees down from 846 million rupees a year earlier.

Revenues dropped from 6.0 billion rupees to 5.88 billion rupees in the quarter and cost of sales dropped to to 3.

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7 billion rupees from 3.8 billion rupees.

"The business environment continued to be difficult with low demand by the customers and difficulty in collection," chief executive Ravi Pieris told shareholders.



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"The consumer segments served by Singer continued to be affected by the high electricity charges.

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"

The retail sector had come under value added taxes, electricity charges were higher at showrooms and interest costs rose.

Sri Lanka is recovering from a balance of payments crisis, triggered by bank credit to state energ

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