SINGER’s 3Q Profit Soars 265% to ฿117Mn from Higher Sales and Service Revenues

Singer Thailand Public Company Limited (SINGER) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

 

For the 3rd quarter of 2020, SINGER had net profit of Baht 117 million which increased of Baht 85 million or 265.6% YoY, which mainly resulted from the major increase in revenue from sales of goods.  For the 9-month period of 2020, SINGER had net profit of Baht 319 million which increased of Baht 195 million or 157.3% YoY.

 

Revenue from sales of goods for the 3rd quarter and the 9-month period increased of Baht 170 million or 46.4% and Baht 598 million or 53.8%, respectively. Important increases were from top 5 products which were Air conditioners, Freezers, Washing machines, TV and Fuel vending machines.

 

The growth in sales resulted from consistently adapted to market environment, including increased in number of salespersons and arranging sales teams to be more efficient.

 

Cost of sales of goods increased of Baht 105 million and Baht 367 million for the 3rd quarter and the 9-month period, respectively. In the 3rd quarter and the 9-month period, SINGER had an allowance for impairment for machines in process of selling back of Baht 8 million and Baht 10 million, respectively.

 

For the 3rd quarter and the 9-month period of 2020, interest income from hire-purchase contract and loans of SINGER increased by Baht 74 million and Baht 130 million, respectively, since expansion of the loans portfolio.