Eid sales boost Singer profit by 237% in April-June

Singer Bangladesh, blessed by a rare occurrence of two Eid festivals in a single quarter over the April-June period, managed to grow its revenue to Tk717 crore from Tk535 crore a year ago as electronics and home appliances sold more during the two biggest festivals in the country.

The oldest player in the country's electronics and home appliances market seemed to have better managed its costs over the quarter, as the cost of production did not increase in proportion to the revenue growth.

Operating profit for the three months grew to Tk92 crore from Tk39 crore a year ago, while net profit after taxes grew to Tk47 crore from less than Tk14 crore.

Earnings per share (EPS) for the April-June quarter grew to Tk4.72 from Tk1.40 for the same period last year. For the first half of the year, EPS stood at Tk5.85, up from Tk2.31 a year ago.

Net asset value per share stood at Tk34.83 at the end of June.

The Ukraine crisis, high inflation, exchange rate volatility, and commodity prices have greatly impacted the business, said Singer Bangladesh in its financial statement.

However, customers responded positively by purchasing products at increased prices, while whole-hearted efforts by the company's teams helped boost revenue and profits.

Singer Bangladesh shares, having a face value of Tk10 apiece, were stuck at the floor price of Tk151.9 apiece.