Singer announces Q2, 2018 results

Singer Bangladesh Limited has announced its unaudited results for the quarter ended on Monday, June 30, 2018. 

According to the results, turnover increased by 26.2% in Q2, and the company continued to enjoy stable trading conditions throughout the period. 

Gross margins were at 26.7%, slightly lower than the prior year on account of price promotions to boost air conditioner sales following the persistent inclement weather. Profit after tax increased by 23.5% to Tk400 million during Q2, with earnings per share increasing by 22%.

Singer’s associate company International Appliances Limited continued to increase production of refrigerators, with strong sales expected ahead of Eid ul-Azha, during Q3 2018.

Singer’s financial service offerings, including Western Union, Bkash, Grameen airtime reloads and utility bill payments, increased in value by 23% in the first 6 months of the year, bringing over 120,000 additional customers to the stores during the period.