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Singer (Sri Lanka) Q4 profit climbs 68.2% YOY

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Singer (Sri Lanka) Q4 profit climbs 68.2% YOY

Singer (Sri Lanka) PLC said its normalized net income for the fourth quarter was 1.02 Sri Lankan rupees per share, a gain of 68.9% from 60 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 381.5 million rupees, a gain of 68.2% from 226.8 million rupees in the year-earlier period.

The normalized profit margin increased to 3.3% from 2.6% in the year-earlier period.

Total revenue increased 30.9% on an annual basis to 11.57 billion rupees from 8.84 billion rupees, and total operating expenses increased 30.5% on an annual basis to 10.62 billion rupees from 8.14 billion rupees.

Reported net income rose 54.2% year over year to 385.0 million rupees, or 1.03 rupees per share, from 249.6 million rupees, or 66 cents per share.

For the year, the company's normalized net income totaled 2.93 rupees per share, a gain of 67.0% from 1.75 rupees per share in the prior year.

Normalized net income was 1.10 billion rupees, a rise of 67.0% from 658.7 million rupees in the prior year.

Full-year total revenue grew 30.3% on an annual basis to 38.71 billion rupees from 29.70 billion rupees, and total operating expenses rose 30.1% on an annual basis to 35.85 billion rupees from 27.55 billion rupees.

The company said reported net income grew 61.4% year over year to 1.15 billion rupees, or 3.07 rupees per share, in the full year, from 714.2 million rupees, or 1.90 rupees per share.

As of March 9, US$1 was equivalent to 144.99 Sri Lankan rupees.