Singer Sri Lanka says smartphones, tablet sales soaring
ECONOMYNEXT – Singer Sri Lanka Plc, a publicly traded consumer durables retailer said tablet sales rose 105 percent in 2016 from a year earlier and smartphones rose 54 percent, with nearly half a million units sold.
"We re-entered the mobile phone business in 2010 considering that the mobile phone is the first purchase by a youth and it was important for Singer to market mobile phones in order to tie in young consumers," Chief Executive Asoka Pieris told shareholders.
Singer said it sold 488,500 smartphones in 2016, up from just 380 units in 2011 and 380,000 units in 2015.
Information technology products including computers brought Rs10.3 billion or 22 percent of the group’s Rs46.9 billion annual revenue, bringing profits of Rs429 million. In 2015, it sold product for Rs7.4 billion, earning Rs240 million in pre-tax profits.
Singer is sole agent in Sri Lanka for Huawei phones, which claims a 30 percent market share. It also has the agency for Sony phones, and re-sells Samsung and Apple brands in some outlets. Singer said it had set up ‘phone corners’ in 150 shops.
Singer was optimistic about revenues in 2017 despite currency depreciation and value-added tax hurting consumers. (Colombo/Mar14/2017)