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Singer (Sri Lanka) Q1 profit climbs 94.2% YOY

Singer (Sri Lanka) Ltd. said its normalized net income for the first quarter amounted to 61 Sri Lankan cents per share, an increase of 94.0% from 31 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 228.2 million rupees, an increase of 94.2% from 117.5 million rupees in the year-earlier period.

The normalized profit margin climbed to 2.7% from 1.7% in the year-earlier period.

Total revenue increased 27.5% year over year to 8.60 billion rupees from 6.74 billion rupees, and total operating expenses rose 26.3% year over year to 7.95 billion rupees from 6.30 billion rupees.

Reported net income grew 95.3% year over year to 253.7 million rupees, or 68 cents per share, from 129.9 million rupees, or 35 cents per share.

As of May 12, US$1 was equivalent to 133.63 Sri Lankan rupees.