Singer (Sri Lanka) PLC

Equities

SINS.N0000

LK0156N00006

Appliances, Tools & Housewares

End-of-day quote Colombo S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
19.9 ^LKR	+4.19%		+5.85%	+65.83%

Feb. 28	Singer (Sri Lanka) PLC Announces the Cessation of Hettiarachchige Piyal Sujeewa Perera as Alternate Director	CI
Feb. 01	Singer (Sri Lanka) PLC Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023	CI

Singer Sri Lanka : Interim Financial Statements as at 31/12/2022

February 06, 2023 at 08:40 am EST

S I N G E R ( S R I L A N K A ) P L C

INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 31ST DECEMBER

Interim Financial Statements For the Nine Months ended 31st December

Statement of Profit or Loss and Other Comprehensive Income

		Group			Company
For the Nine Months ended 31st December	2022	2021	Change	2022	2021	Change
	Rs. '000	Rs. '000	%	Rs. '000	Rs. '000	%
Revenue	41,766,208	55,397,359	(25)	36,695,458	49,660,979	(26)
Cost of Sales	(22,828,108)	(38,225,207)	40	(23,070,365)	(36,483,999)	37
Direct Interest Cost	(3,344,422)	(1,389,156)	(141)	-	-	-
Gross Profit	15,593,678	15,782,996	(1)	13,625,093	13,176,980	3
Other Income	183,795	152,354	21	190,456	178,530	7
Selling and Administrative Expenses	(9,280,626)	(9,864,088)	6	(7,650,490)	(8,359,257)	8
Impairment Loss on Trade and Other Receivables	(214,041)	(918,142)	77	(173,048)	(491,919)	65
Operating Profit	6,282,806	5,153,120	22	5,992,011	4,504,334	33
Finance Cost	(5,707,630)	(1,681,946)	(239)	(5,078,068)	(1,525,678)	(233)
Finance Income	790,037	960,089	(18)	252,569	633,024	(60)
Net Finance Cost	(4,917,593)	(721,857)	(581)	(4,825,499)	(892,654)	(441)
Value Added Tax on Financial Services	(265,998)	(254,972)	(4)	(64,000)	(67,000)	4
Profit Before Tax	1,099,215	4,176,291	(74)	1,102,512	3,544,680	(69)
Income Tax Expense	(246,123)	(1,021,845)	76	(66,013)	(774,957)	91
Profit for the Period	853,092	3,154,446	(73)	1,036,499	2,769,723	(63)
Other Comprehensive Income
Other Comprehensive Income Items that will not be Reclassified to Profit or Loss
Income Tax Rate Change impact on Revaluation of Property, Plant
and Equipment	(301,437)	-		(64,972)	-
Total Comprehensive Income for the Period, Net of Tax	551,655	3,154,446		971,527	2,769,723
Profit Attributable to -
Owners of the Company	787,627	3,051,684		1,036,499	2,769,723
Non - Controlling Interests	65,465	102,762		-	-
	853,092	3,154,446		1,036,499	2,769,723
Total Comprehensive Income Attributable to -
Owners of the Company	539,965	3,051,684		971,527	2,769,723
Non - Controlling Interests	11,690	102,762		-	-
Total Comprehensive Income for the Period Net of Tax	551,655	3,154,446		971,527	2,769,723
Basic / Diluted Earnings Per Share (Rs.)	0.70	2.71		0.92	2.46
Above figures are provisional and subject to audit.
Share Prices	For the Nine Months ended	For the Nine Months ended
		31st December 2022	31st December 2021
			Rs.		Rs.
Highest			14.60		21.50
Lowest			7.40		15.70
Last Traded Price			8.50		19.90

2 SINGER (SRI LANKA) PLC

Interim Financial Statements For the Nine Months ended 31st December

Statement of Profit or Loss and Other Comprehensive Income

		Group			Company
For the Three months ended 31st December	2022	2021		Change	2022	2021	Change
	Rs. '000	Rs. '000	%	Rs. '000	Rs. '000	%
Revenue	14,530,728	23,799,878		(39)	13,030,517	21,559,307	(40)
Cost of Sales	(8,203,944)	(16,540,704)		50	(8,580,180)	(15,807,705)	46
Direct Interest Cost	(1,264,772)	(479,997)		(163)	-	-	-
Gross Profit	5,062,012	6,779,177		(25)	4,450,337	5,751,602	(23)
Other Income	52,623	56,326		(7)	13,788	19,794	(30)
Selling and Administrative Expenses	(3,126,805)	(4,064,284)		23	(2,567,890)	(3,477,339)	26
Impairment (Loss) / Reversal on Trade and Other Receivables	(308,906)	185,314		(267)	(300,954)	289,803	(204)
Operating Profit	1,678,924	2,956,533		(43)	1,595,281	2,583,860	(38)
Finance Cost	(1,828,625)	(549,888)		(233)	(1,634,293)	(544,343)	(200)
Finance Income	270,285	387,658		(30)	101,528	280,149	(64)
Net Finance Cost	(1,558,340)	(162,230)		(861)	(1,532,765)	(264,194)	(480)
Value Added Tax on Financial Services	(93,886)	(102,338)		8	(14,000)	(25,000)	44
Profit Before Tax	26,698	2,691,965		(99)	48,516	2,294,666	(98)
Income Tax Expense	73,418	(604,183)		112	144,194	(488,952)	129
Profit for the Period	100,116	2,087,782		(95)	192,710	1,805,714	(89)
Other Comprehensive Income
Other Comprehensive Income Items that will not be Reclassified to Profit or Loss
Income Tax Rate Change impact on Revaluation of Property, Plant
and Equipment	(301,437)	-			(64,972)	-
Total Comprehensive Income for the Period	(201,321)	2,087,782			127,738	1,805,714
Profit Attributable to -
Owners of the Company	92,241	2,029,161			192,710	1,805,714
Non- Controlling Interests	7,875	58,621			-	-
Profit for the Period	100,116	2,087,782			192,710	1,805,714
Toal Comprehensive Income Attributable to -
Owners of the Company	(155,421)	2,029,161			127,738	1,805,714
Non - Controlling Interests	(45,900)	58,621			-	-
Toal Comprehensive Income for the Period Net of Tax	(201,321)	2,087,782			127,738	1,805,714
Basic / Diluted Earnings Per Share (Rs.)	0.08	1.80			0.17	1.60
Above figures are provisional and subject to audit.
Share Prices	For the Three Months	ended	For the Three Months ended
		31st December 2022	31st December 2021
				Rs.		Rs.
Highest				9.90		21.20
Lowest				8.00		15.70
Last Traded Price				8.50		19.90

SINGER (SRI LANKA) PLC

Interim Financial Statements For the Nine Months ended 31st December

Statement of Financial Position

	Group			Company
As at	31st December	31st December	31st March	31st December	31st December	31st March
	2022		2021	2022	2022	2021	2022
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
ASSETS
Non-Current Assets
Property, Plant and Equipment	7,670,505		6,653,631	7,521,444	3,855,607	3,443,744	3,807,243
Right -of- Use Assets	4,642,708		4,925,575	4,807,413	3,940,985	4,335,331	4,148,096
Intangible Assets	534,965		561,101	548,839	400,581	429,479	422,366
Investment in Subsidiaries	-		-	-	2,968,023	2,968,023	2,968,023
Other Non-Current Assets	-		59,641	59,315	-	-	-
Other Investments	22,900		24,990	22,900	22,858	24,948	22,858
Trade and Other Receivables	8,992,831		11,991,482	12,182,088	881,602	576,994	695,448
Deferred Tax Assets	1,599,549		1,076,606	1,269,800	1,355,484	984,976	1,125,639
	23,463,458		25,293,026	26,411,799	13,425,140	12,763,495	13,189,673
Current Assets	22,727,390		24,171,512	23,022,192	19,788,796	21,258,501	20,524,781
Inventories
Loans due from Related Parties	-		-	-	333,000	185,000	110,000
Income Tax Receivables	159,215		12,892	45,145	117,707	-	-
Trade and Other Receivables	28,481,781		28,896,966	35,284,564	9,900,291	14,094,718	18,356,963
Amounts Due from Related Parties	21,112		11,719	24,157	854,026	755,164	198,611
Deposits with Banks	1,222,908		171,490	177,450	-	-	-
Short term Investments	1,761,016		1,504,194	1,412,979	-	103,020	-
Cash and Cash Equivalents	3,707,824		2,375,690	2,972,394	2,983,600	1,200,992	1,732,553
	58,081,246		57,144,463	62,938,881	33,977,420	37,597,395	40,922,908
Total Assets	81,544,704		82,437,489	89,350,680	47,402,560	50,360,890	54,112,581
EQUITY AND LIABILITIES
Equity	626,048		626,048	626,048	626,048	626,048	626,048
Stated Capital
Capital Reserves	1,376,504		1,215,807	1,635,092	1,215,864	1,158,302	1,291,762
Other Component of Equity	4,437		6,026	4,437	4,437	6,026	4,437
Statutory Reserve	223,763		198,939	223,763	-	-	-
Revenue Reserves	8,629,831		8,470,760	9,080,204	5,937,165	5,045,766	5,919,944
Total Equity Attributable to Owners of the Company	10,860,583		10,517,580	11,569,544	7,783,514	6,836,142	7,842,191
Non-Controlling Interest	1,917,515		1,848,857	1,971,082	-	-	-
Total Equity	12,778,098		12,366,437	13,540,626	7,783,514	6,836,142	7,842,191
Non-Current Liabilities	7,474,363		11,180,923	12,112,183	4,250,000	5,150,000	6,500,000
Interest - Bearing Loans and Borrowings
Lease Liability	4,598,389		4,954,769	4,570,731	3,892,538	4,400,703	3,925,205
Employee Benefit Obligations	1,116,306		1,010,073	1,041,152	771,241	697,674	719,014
Security Deposits	1,458,431		1,393,702	1,462,347	1,411,654	1,326,384	1,406,991
Deferred Tax Liability	739,466		369,695	468,501	-	-	-
Other Financial Liabilities	5,339,869		2,199,468	2,317,848	-	-	-
Deferred Revenue	84,457		109,133	110,358	84,457	109,133	110,358
Other Non - Current Liabilities	182,962		175,428	187,707	182,962	175,428	187,706
	20,994,243		21,393,191	22,270,827	10,592,852	11,859,322	12,849,274
Current Liabilities	8,750,919		19,141,670	19,314,620	6,877,549	14,904,468	13,765,298
Trade and Other Payables
Deferred Revenue	195,890		199,066	201,549	194,752	186,737	198,212
Dividends Payable	54,742		100,803	81,478	49,183	91,678	67,969
Amounts Due to Related Parties	574,322		1,110,499	1,074,261	1,708,051	5,470,648	4,137,893
Income Tax Payable	214,436		509,296	714,483	-	283,639	433,940
Other Financial Liabilities	11,841,961		10,115,569	9,828,666	-	-	-
Lease Liability	914,214		730,514	912,300	842,523	654,679	854,484
Interest - Bearing Loans and Borrowings	23,945,436		15,411,105	20,235,742	18,327,394	9,220,562	13,536,188
Bank Overdrafts	1,280,443		1,359,339	1,176,128	1,026,742	853,015	427,132
	47,772,363		48,677,861	53,539,227	29,026,194	31,665,426	33,421,116
Total Liabilities	68,766,606		70,071,052	75,810,054	39,619,046	43,524,748	46,270,390
Total Equity and Liabilities	81,544,704		82,437,489	89,350,680	47,402,560	50,360,890	54,112,581
Net Assets per Share (Rs.)	9.64		9.33	10.27	6.91	6.07	6.96

I certify that the above Financial Statements of the Company comply with the requirments of the Companies Act No.07 of 2007.

(Sgd.)

Shalinka Seresinhe

Finance Director

Above figures are provisional and subject to audit.

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Signed for and on behalf of the Board by,

(Sgd.)	(Sgd.)
A.M. Pandithage	Mahesh Wijewardene
Chairman	Director/Group Chief Executive Officer
Colombo,
06th February 2023

4 SINGER (SRI LANKA) PLC

Interim Financial Statements For the Nine Months ended 31st December

Statement of Changes in Equity

For the Nine Months ended 31st December			Attributable to equity holders of the Company
Group			Capital	Other	Revenue Reserve
			Reserve	Component
				of Equity
	Stated	Reserve	Revaluation	Fair Value	General	Retained	Total	Non	Total Equity
	Capital	Fund	Reserves	Reserve	Reserves	Earnings		-Controlling
								Interest
	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000	Rs.000
Balance as at 31st March 2021	626,048	198,939	1,232,581	6,026	2,700,000	3,716,501	8,480,094	1,778,543	10,258,638
Realisation on Revaluation Surplus	-	-	(16,773)	-	-	16,773	-	-	-
Profit for the Period	-	-	-	-	-	3,051,684	3,051,684	102,762	3,154,446
Total Comprehensive Income for the
Period	-	-	-	-	-	3,051,684	3,051,684	102,762	3,154,446
Transactions with Owners of the Company,
Recognised Directly in Equity
Distributions to Owners of the Company
Final Dividend - 2020/21	-	-	-	-	-	(281,722)	(281,722)	(32,449)	(314,171)
Interim Dividend - 2021/2022	-	-	-	-	-	(732,476)	(732,476)	-	(732,476)
Total Distributions to Owners of the
Company	-	-	-	-	-	(1,014,198)	(1,014,198)	(32,449)	(1,046,647)
Balance as at 31st December 2021	626,048	198,939	1,215,808	6,026	2,700,000	5,770,760	10,517,580	1,848,857	12,366,437
Realisation on Revaluation Surplus	-	-	(10,232)	-	-	10,232	-	-	-
Transferred to/(from) during the period	-	24,824	-	-	-	(24,824)	-	-	-
Profit for the Period	-	-	-	-	-	906,464	906,464	48,881	955,345
Other Comprehensive Income for the
Period
Revaluation Gain on Property , Plant and
Equipment	-	-	546,538	-	-	-	546,538	93,572	640,110
Actuarial loss on Employee Benefit Obligations	-	-	-	-	-	(73,978)	(73,978)	(3,054)	(77,032)
Fair Value Change in equity instruments designated
at fair value through other comprehensive income	-	-	-	(2,090)	-	-	(2,090)	-	(2,090)
Related Taxes
Deferred Tax on Revaluation Gain	-	-	(117,022)	-	-	-	(117,022)	(17,776)	(134,798)
Deferred Tax on Actuarial loss on Employee
Benefit Obligations	-	-	-	-	-	16,926	16,926	602	17,528
Deferred Tax on Equity investments at FVOCI -
change in fair value	-	-	-	501	-	-	501	-	501
Total Other Comprehensive Income for the
Period, Net of Tax	-	-	429,516	(1,589)	-	(57,052)	370,875	73,344	444,219
Transactions with Owners of the Company,
Recognised Directly in Equity
Distributions to Owners of the Company
Interim Dividend - 2021/22	-	-	-	-	-	(225,377)	(225,377)	-	(225,377)
Total Distributions to Owners of the
Company	-	-	-	-	-	(225,377)	(225,377)	-	(225,377)
Balance as at 31st March 2022	626,048	223,763	1,635,092	4,437	2,700,000	6,380,204	11,569,544	1,971,082	13,540,626
Charge Relating to Surcharge Tax (Note 1.2)	-	-	-	-	-	(1,023,548)	(1,023,548)	(32,808)	(1,056,356)
Realisation of Revaluation Surplus	-	-	(10,925)	-	-	10,925	-	-	-
Profit for the Period	-	-	-	-	-	787,627	787,627	65,465	853,092
Income Tax Rate Change impact on Revaluation
of Property, Plant and Equipment	-	-	(247,662)	-	-	-	(247,662)	(53,776)	(301,437)
Transactions with Owners of the Company,
Recognised Directly in Equity
Distributions to Owners of the Company
Final Dividend - 2021/2022	-	-	-	-	-	(225,377)	(225,377)	(32,449)	(257,826)

Balance as at 31st December 2022	626,048	223,763	1,376,504	4,437	2,700,000	5,929,831	10,860,583	1,917,515	12,778,098

SINGER (SRI LANKA) PLC

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Singer (Sri Lanka) plc published this content on 06 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 February 2023 13:39:10 UTC.

Latest news about Singer (Sri Lanka) PLC

Singer (Sri Lanka) PLC Announces the Cessation of Hettiarachchige Piyal Sujeewa Perera as Alternate Director	Feb. 27	CI
Singer (Sri Lanka) PLC Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023	Feb. 01	CI
Singer (Sri Lanka) PLC Announces the Cessation of Liyana Arachchige Don Kapila Perera as Alternate Director	Jan. 21	CI
Singer (Sri Lanka) PLC Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023	Nov. 06	CI
Singer (Sri Lanka) PLC Reports Earnings Results for the First Quarter Ended June 30, 2023	23-08-03	CI
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Singer (Sri Lanka) PLC Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2022	23-02-06	CI
Singer (Sri Lanka) PLC Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2022	22-11-10	CI
Singer (Sri Lanka) PLC Appoints Donna Brindhini Perera as Non-Executive Director	22-10-19	CI
Singer (Sri Lanka) PLC Reports Earnings Results for the First Quarter Ended June 30, 2022	22-08-08	CI
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Singer (Sri Lanka) PLC Reports Earnings Results for the Full Year Ended March 31, 2022	22-05-13	CI
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Singer (Sri Lanka) PLC Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2021	22-02-14	CI
Singer (Sri Lanka) PLC Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2021	21-11-11	CI
Singer Sri Lanka plc Reports Earnings Results for the First Quarter Ended June 30, 2021	21-08-11	CI
Singer Sri Lanka plc Reports Earnings Results for the Fourth Quarter Ended March 31, 2021	21-05-17	CI
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Singer Sri Lanka plc Reports Earnings Results for the Fourth Quarter Ended March 31, 2020	20-05-15	CI
Singer (Sri Lanka) plc Appoints Ms. Gayani de Alwis as Independent Non-Executive Director	20-05-14	CI

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Company Profile

Singer (Sri Lanka) PLC is engaged in providing retail and wholesale marketing, financing, assembling, and manufacturing and financial services. The Company's segments include Consumer Electronics, Financial Services, Furniture, Home Appliances, Digital Products, Sewing and Other. Its Consumer Electronics segment includes televisions, audios, digital versatile disks, and other electronic products. Its Financial Services segment offers leasing, hire purchase and loans. Its Furniture segment includes wood and layered furniture, sofa sets, steel furniture, mattresses, and pantry sets. Its Home Appliances segment includes refrigerators, washing machines, deep freezers, bottle coolers, air conditioners, fans, small appliances, and kitchen appliances. Its Digital Products segment includes laptops, smart phones, and accessories. Its Sewing segment offers domestic and industrial sewing machines and general merchandise. Its Other segment offers water pumps, paddy threshers, tractors and bicycle.

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Appliances, Tools & Housewares

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Income Statement Evolution

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Sector Appliance & Houseware Wholesale

	1st Jan change	Capi.
SINGER (SRI LANKA) PLC	+65.83%	75.5M
AL-SAIF STORES FOR DEVELOPMENT & INVESTMENT COMPANY	+35.98%	1.12B
SHANGHAI YCT ELECTRONICS GROUP CO.,LTD	-19.80%	451M
TEST-RITE INTERNATIONAL CO., LTD.	-0.71%	320M
TENPOS HOLDINGS CO.,LTD.	+13.92%	254M
SINGER THAILAND	-12.07%	226M
FIAMMA HOLDINGS	+21.28%	128M
CHINA ANCHU ENERGY STORAGE GROUP LIMITED	-63.07%	118M
UP YOUNG CORNERSTONE CORP.	+1.45%	99.73M
PT HOMECO VICTORIA MAKMUR TBK	0.00%	52.35M

Appliance & Houseware Wholesale