Delivering an outstanding performance, the Singer Group announced a post-tax-profit of Rs. 869.38 million for the third quarter (Q3) for FY20, a Singer press release said.
The release adds: ‘On a cumulative basis, Singer reported a substantial increase in consolidated profit-after-tax for the nine-month period ending December 2020 at Rs. 1.76 billion compared to Rs. 366.43 million in FY 2019. At Company level, Singer (Sri Lanka) PLC recorded a cumulative profit of Rs.1.17 billion, compared to Rs.102.97 million the previous year.
‘This performance reflects Singer’s resilience and effective implementation of the Group’s operating strategy, focus on driving targeted sales, continued robust demand for IT products, its efficient management of product margins and cost structure and the lower finance cost.
‘Contributing to these results was Singer’s consolidated revenue growth, which for Q3 increased by 20% to Rs. 18.66 billion. Cumulative revenues for year-to-date Q3 amounted to 16% to reach Rs. 49.4 billion.
‘Timely price revisions facilitated improved profitability margins with consolidated gross profit increasing by 8% to Rs.4.91 billion during the quarter and also rising by 8% on a cumulative basis.
‘As a result of pursuing a strong sales drive, the company’s selling and administrative expenses for Q3 increased by 8% to Rs. 3.28 billion. Due to continued pressure on repayment capabilities reflecting the economic toll of the pandemic, costs on trade and other receivables increased by 51% during the quarter.
‘While operating profits declined by 1% to Rs. 1.32 billion during the quarter, the operating profit margin narrowed to 7.1% in Q3 FY2021 compared to 8.6% in the corresponding quarter of last year. However, on a cumulative basis operating profit recorded an increase of 8% to Rs.3.48 billion. To stem rising impairments, the company has strategically focused on implementing proactive collection and monitoring measures.
‘The Group continued to pursue an aggressive sales drive leveraging its extensive branch and dealer network and digital capabilities. Demand for IT products remained strong during the quarter reflecting increased digital adoption due to remote working and online education arrangements.
‘Overall profitability continues to be supported by the sustained reduction in the Group’s borrowing costs. A sharp decline of finance costs during the period under review was due to the gradual decrease in market interest rates, extension of supplier credit periods as well as continued rationalization of borrowings, thereby complementing the improvement in core profitability to drive net earnings growth.’
Dilmah voted Best Corporate Citizen in Ceylon Chamber Sustainability Awards 2020
Sri Lankan family tea company Dilmah was honoured in Sri Lanka’s apex corporate sustainability awards, as one of two recipients of the Best Corporate Citizen Sustainability Award for Sri Lanka in 2020, a company news release said.
“Dilmah won in the category of Businesses with Less than Rs. 15 Billion Annual Turnover based on complex criteria linked to social, environmental and economic value, compliance, resilience, stakeholder management and crisis response. The Ceylon Chamber of Commerce award is judged annually – now in its 17th year – in an exhaustive process steered by a panel of eminent judges. The Best Corporate Citizen in the category of Businesses with greater than Rs. 15 Billion Annual Turnover was won by Ceylon Biscuits Ltd, also a Sri Lankan family business,” it said.
In addition to the coveted top award, Dilmah won category awards for Customer Relations, Environment Beyond the Business and was chosen as one of the Top 10 Corporate Citizens of Sri Lanka. The company stands out in its achievement as a family owned business with a singular focus on tea, among conglomerates and finance houses that form the top 10.
“Dilmah was formed by Founder, Merrill J. Fernando, on an unequivocal commitment to human service. The context was the colonial economic system that persisted in the tea industry in the 1950s, vestiges of which are evident even today in inadequate value addition to Sri Lanka’s high-quality tea and spices. The award scrutinised each finalists’ performance in areas including sustainability and business resilience in the wake of COVID-19, packaging sustainability, customer relations, commitment to environment and social development initiatives,” the release said.
Merrill J. Fernando, who recently celebrated his 70th year in tea is recognized as the face of fine Ceylon Tea in several countries where he started his business inviting tea drinkers to, ‘do try it!’ He commented on hearing of the accolade, ‘Mine was a simple wish – to present the finest tea with quality and integrity. What people call sustainability is a way of life for my sons and I. This award is a humbling accolade, because my journey in tea was marked more by criticism than appreciation.’
A minimum 15% of the company’s pre-tax profits directly benefit humanity through the work of the MJF Charitable Foundation and Dilmah Conservation, both formed to fulfill the company’s commitment to community and environment. The Dilmah philosophy has touched the lives of thousands through programmes for disabled children, empowerment initiatives for women, youth and communities. The company became carbon neutral in 2019 and plans to be carbon negative by 2030.
Vision Care opens 60th branch at Medihelp Hospital in Homagama
Vision Care, Sri Lanka’s premier eye care solutions provider, opened its 60th branch at Medihelp Hospital located at High-level road, Homagama. Present at the momentous opening were Chief Guest Dr. Prasad Pathirana – Eye Surgeon, Horana Base Hospital and Chandika Wijesiriwardana – Executive Director, Medihelp Hospitals, who graced the event.
“Vision Care has entered into a strategic partnership with Medihelp Hospitals to enhance the hospital’s eye care offering. Vision Care is focused on expanding its optical services to selected Medihelp Hospitals’ locations, thereby eventually covering all major districts in the country,” a news release issued in connection with the event said.
It said the new location offers a wide collection of affordable eyewear and specialized services such as primary eye examination, refraction, contact lens assessment, eye pressure diagnostics, hearing aids and other related services.
Kangaroo Cabs adopt strict measures to safeguard customers against Covid-19
Kangaroo Cabs (Pvt) Ltd., Sri Lanka’s leading cab service provider trusted by customers for the past 33 years, has adopted many stringent measures to ensure customer safety against Covid-19.
This includes providing hand sanitizers, touchless thermometers and face masks to all drivers registered under Kangaroo Cabs. They are advised strictly to follow health guidelines and pay attention to safeguard their valued customers. Customers’ body temperature is checked and hand sanitization provided before every trip.
The car is sanitized at the end of every journey to ensure the safety of the next customer and the drivers. Drivers are advised to wear face masks and follow health guidelines right throughout the journey. Precautions and safety measures are a top priority at Kangaroo Cabs.
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