SINGER (SRI LANKA)
GROUP REVENUE CROSSES RS. 25 BILLION AT HALF YEAR
Singer (Sri Lanka) announced its results for the first half of 2017. Despite tough business conditions, the results for the six months ending 30 June displayed revenue growth of 13.6 percent to Rs. 25.1 billion compared to the corresponding period of the previous year. There was growth in several product categories such as smartphones, which grew by 46 percent, bottle coolers and deep freezers by 32 percent, televisions by 22 percent and furniture by 14 percent. This growth is deemed commendable in view of the increased Value Added Tax, higher interest rates and currency devaluation affecting customer purchasing power.