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BD Post Business Desk
Singer Bangladesh Limited recorded 41.3 percent jump in operating profit during the third quarter (Q3) of 2018 while its gross margin was 26.9 percent higher against that in the same period last year.
The company’s turnover rose by 26.1 percent to Tk 11.6 billion despite the heavy rains during summer.
Besides, the company continued to enjoy stable trading conditions throughout the period and implemented a number of new marketing initiatives and products during the quarter.
These were disclosed by the company while reporting its unaudited results for the quarter ended on September 30, 2018.
Singer continued to focus on managing operating expenses, which at 15.6 percent of revenue in Q3 was reduced from 16.5 percent in the prior year. Besides, profit-after-tax increased by 23 percent to Tk 840.5 million, with earnings per share increasing at the same rate. Singer’s financial service offerings like Western Union, Bkash, Grameen airtime reloads and utility bill payments increased in value by 33 percent in the first 9 months of the year, bringing over 692,732 additional customers to the stores during the period.
The company continued to enjoy significant unit sales increases in many product categories, in particular computers by 92.2 percent, panel televisions by 35 percent, kitchen appliances by 23 percent, refrigerators by 20 percent and furniture by 44 percent.
During September, Emerging Credit Rating Limited (ECRL) announced that it has maintained its AAA long-term credit rating for Singer Bangladesh with a stable outlook for the company.
Commenting on the 2018 Q3 results, Gavin Walker, Chairman of Singer Bangladesh said, “Singer Bangladesh continued to report strong growth and record festival sales.
The 18.4 percent increase in Q3 net income is most commendable with improved margins and lower costs”.