S I N G E R ( S R I L A N K A ) P L C
INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30TH JUNE 2025
Statement of Profit or Loss and Other Comprehensive IncomeGroup Company
For the Three Months ended 30th June | 2025 Rs. '000 | 2024 Change Rs. '000 % | 2025 Rs. '000 | 2024 Change Rs. '000 % |
Revenue | 27,527,809 | 19,123,797 | 44% | 24,591,604 | 17,234,163 | 43% |
Cost of Sales | (17,451,753) | (11,927,213) | -46% | (17,486,137) | (11,951,556) | -46% |
Direct Interest Cost | (1,340,533) | (1,011,579) | -33% | - | - | |
Gross Profit | 8,735,523 | 6,185,005 | 41% | 7,105,467 | 5,282,607 | 35% |
Other Income | 109,095 | 86,270 | 26% | 46,230 | 36,261 | 27% |
Selling and Administrative Expenses | (5,738,354) | (4,570,095) | -26% | (4,762,384) | (3,809,666) | -25% |
Impairment Loss on Trade and Other Receivables | (120,344) | (175,300) | 31% | (32,363) | (131,692) | 75% |
Operating Profit | 2,985,920 | 1,525,880 | 96% | 2,356,950 | 1,377,510 | 71% |
Finance Cost | (786,019) | (881,903) | 11% | (783,983) | (880,377) | 11% |
Finance Income | 348,761 | 361,195 | -3% | 212,833 | 207,291 | 3% |
Net Finance Cost | (437,258) | (520,708) | 16% | (571,150) | (673,086) | 15% |
Value Added Tax on Financial Services | (214,286) | (112,770) | -90% | (24,000) | (20,000) | -20% |
Profit Before Tax | 2,334,376 | 892,402 | 162% | 1,761,800 | 684,424 | 157% |
Income Tax Expense | (781,115) | (305,802) | -155% | (546,159) | (212,410) | -157% |
Profit for the Period | 1,553,261 | 586,600 | 165% | 1,215,641 | 472,014 | 158% |
Total Comprehensive Income for the Period, Net of Tax | 1,553,261 | 586,600 | 1,215,641 | 472,014 | ||
Profit Attributable to - | ||||||
Owners of the Company | 1,492,548 | 567,682 | 1,215,641 | 472,014 | ||
Non - Controlling Interests | 60,713 | 18,918 | - | - | ||
1,553,261 | 586,600 | 1,215,641 | 472,014 | |||
Total Comprehensive Income Attributable to - | ||||||
Owners of the Company | 1,492,548 | 567,682 | 1,215,641 | 472,014 | ||
Non - Controlling Interests | 60,713 | 18,918 | - | - | ||
Toal Comprehensive Income for the Period Net of Tax | 1,553,261 | 586,600 | 1,215,641 | 472,014 | ||
Basic / Diluted Earnings Per Share (Rs.) | 1.28 | 0.49 | 1.04 | 0.40 | ||
Above figures are provisional and subject to audit. |
Share Prices | For the Three Months ended 30th June 2025 Rs. | For the Three Months ended 30th June 2024 Rs. |
Highest | 47.80 | 20.30 |
Lowest | 29.50 | 15.90 |
Last Traded Price | 46.50 | 16.10 |
Group Company
As at | 30th June 2025 Rs.'000 | 30th June 31st March 2024 2025 Rs.'000 Rs.'000 | 30th June 2025 Rs.'000 | 30th June 31st March 2024 2025 Rs.'000 Rs.'000 |
ASSETS
Non-Current Assets
Property, Plant and Equipment | 8,769,135 | 8,070,310 | 8,808,846 | 7,565,430 | 7,050,771 | 7,640,528 |
Investment Property | 29,502 | - | 29,502 | 29,502 | - | 29,502 |
Right -of- Use Assets | 5,316,897 | 4,927,538 | 5,261,281 | 4,596,470 | 4,215,295 | 4,590,727 |
Intangible Assets | 464,415 | 493,806 | 468,093 | 368,629 | 400,230 | 376,544 |
Investment in Subsidiaries | - | - | - | 1,760,085 | 1,760,085 | 1,760,085 |
Financial Assets at FVOCI | 22,468 | 22,326 | 22,468 | 20,283 | 20,141 | 20,283 |
Trade and Other Receivables | 20,828,820 | 12,170,049 | 18,725,024 | 1,250,894 | 755,556 | 1,429,817 |
Deferred Tax Assets | 1,055,557 | 647,195 | 817,277 | 778,774 | 613,823 | 566,927 |
36,486,794 | 26,331,224 | 34,132,491 | 16,370,067 | 14,815,901 | 16,414,413 | |
Current Assets | ||||||
Inventories | 23,336,847 | 18,724,730 | 23,782,502 | 22,828,147 | 18,363,437 | 23,233,824 |
Income Tax Receivables | 281,920 | 168,423 | 281,920 | 281,920 | 168,424 | 281,920 |
Trade and Other Receivables | 56,682,826 | 40,422,052 | 52,313,335 | 21,313,031 | 19,588,314 | 21,557,029 |
Amounts Due from Related Parties | 92,042 | 7,936 | 18,679 | 257,049 | 179,714 | 52,688 |
Financial Assets at FVTPL | - | 455,732 | - | - | - | - |
Deposits with Banks | 2,562,719 | 810,108 | 4,242,929 | 2,285,309 | 551,075 | 1,465,979 |
Short term Investments | 8,152,466 | 2,555,760 | 2,812,655 | - | - | - |
Other Financial Assets | 347,013 | 340,323 | 340,323 | 347,013 | 340,323 | 340,323 |
Cash in hand and Bank | 3,542,603 | 3,074,030 | 4,161,343 | 2,606,841 | 2,583,209 | 2,318,986 |
94,998,436 | 66,559,094 | 87,953,686 | 49,919,310 | 41,774,496 | 49,250,749 | |
Total Assets | 131,485,230 | 92,890,318 | 122,086,177 | 66,289,377 | 56,590,397 | 65,665,162 |
EQUITY AND LIABILITIES | ||||||
Equity | ||||||
Stated Capital | 1,138,857 | 1,138,857 | 1,138,857 | 1,138,857 | 1,138,857 | 1,138,857 |
Other Components of Equity | 3,802,969 | 3,274,588 | 3,818,571 | 3,305,617 | 2,947,581 | 3,321,219 |
Revenue Reserves | 10,912,782 | 7,376,330 | 9,778,270 | 7,225,120 | 4,534,977 | 6,367,515 |
Total Equity Attributable to Owners of the Company | 15,854,608 | 11,789,775 | 14,735,698 | 11,669,594 | 8,621,415 | 10,827,591 |
Non-Controlling Interest | 1,285,800 | 1,065,428 | 1,225,087 | - | - | - |
Total Equity | 17,140,408 | 12,855,203 | 15,960,785 | 11,669,594 | 8,621,415 | 10,827,591 |
Non-Current Liabilities | ||||||
Interest - Bearing Loans and Borrowings | 19,008,692 | 7,181,667 | 15,170,581 | 6,449,700 | 5,250,000 | 5,149,750 |
Lease Liabilities | 4,880,626 | 4,631,910 | 4,803,910 | 4,192,202 | 3,926,256 | 4,167,629 |
Deferred Tax Liabilities | 87,750 | - | 88,344 | - | - | - |
Employee Benefit Obligations | 1,400,631 | 1,261,062 | 1,362,178 | 1,243,170 | 1,085,350 | 1,212,888 |
Security Deposits | 2,001,136 | 1,649,439 | 1,894,630 | 2,001,136 | 1,649,439 | 1,894,630 |
Other Financial Liabilities | 5,605,546 | 4,583,527 | 6,406,999 | - | - | - |
Deferred Revenue | 155,554 | 82,448 | 137,234 | 155,554 | 82,448 | 137,234 |
Other Non - Current Liabilities | 267,488 | 178,937 | 253,452 | 267,488 | 178,937 | 253,452 |
33,407,423 | 19,568,990 | 30,117,328 | 14,309,250 | 12,172,430 | 12,815,583 | |
Current Liabilities | ||||||
Trade and Other Payables | 13,997,999 | 12,753,474 | 15,629,612 | 12,701,762 | 11,749,407 | 14,057,492 |
Deferred Revenue | 442,932 | 404,520 | 405,542 | 442,918 | 404,470 | 405,527 |
Dividends Payable | 82,826 | 77,847 | 84,462 | 78,163 | 71,373 | 79,799 |
Amounts Due to Related Parties | 1,045,937 | 1,135,216 | 1,259,879 | 1,497,926 | 1,699,180 | 1,975,572 |
Income Tax Payables | 1,909,794 | 161,376 | 1,373,003 | 1,403,475 | - | 945,469 |
Other Financial Liabilities | 23,888,866 | 18,575,292 | 21,907,141 | - | - | - |
Lease Liabilities | 1,294,209 | 1,088,439 | 1,239,960 | 1,113,290 | 978,970 | 1,072,706 |
Interest - Bearing Loans and Borrowings | 36,300,489 | 23,609,566 | 31,297,364 | 22,109,189 | 19,039,441 | 21,591,806 |
Bank Overdrafts | 1,974,347 | 2,660,395 | 2,811,101 | 963,810 | 1,853,711 | 1,893,617 |
80,937,399 | 60,466,125 | 76,008,064 | 40,310,533 | 35,796,552 | 42,021,988 | |
Total Liabilities | 114,344,822 | 80,035,115 | 106,125,392 | 54,619,783 | 47,968,982 | 54,837,571 |
Total Equity and Liabilities | 131,485,230 | 92,890,318 | 122,086,177 | 66,289,377 | 56,590,397 | 65,665,162 |
Net Assets per Share (Rs.) | 13.58 | 10.10 | 12.62 | 9.99 | 7.38 | 9.27 |
I certify that the above Financial Statements 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 Managing Director
Colombo,
12th August 2025
Statement of Changes in EquityFor the Three Months ended 30th June
Group Stated
Attributable to equity holders of the Company
Other Components of Equity
Revenue Reserves
Total Non-
Total Equity
Capital
Statutory Reserve
Regulatory Allowance Reserve
Revaluation Reserves
Fair Value of Financial
Assets at FVOCI
General Reserves
Retained Earnings
Controlling Interest
Reserve
Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | |
Balance as at 31st March 2024 | 1,138,857 | 325,294 | 51,094 | 2,946,412 | 4,248 | 2,700,000 | 4,231,331 | 11,397,236 | 1,046,510 | 12,443,746 |
Realisation of Revaluation Surplus | - | - | (1,366) | - | - | 1,366 | - | - | - | |
Transferred to/(from) during the period | - | - | (51,094) | - | - | - | 51,094 | - | - | - |
Profit for the period | - | - | - | - | - | - | 567,682 | 567,682 | 18,918 | 586,600 |
Total comprehensive income for the period | - | - | (51,094) | (1,366) | - | - | 620,142 | 567,682 | 18,918 | 586,600 |
Transactions with Owners of the Company, Recognised Directly in Equity | ||||||||||
Distributions to Owners of the Company | - | |||||||||
Interim Dividend - 2024/2025 | - | - | - | - | - | - | (175,143) | (175,143) | - | (175,143) |
Total Distributions to Owners of the Company | - | - | - | - | - | - | (175,143) | (175,143) | - | (175,143) |
Balance at 30th June 2024 | 1,138,857 | 325,294 | - | 2,945,046 | 4,248 | 2,700,000 | 4,676,330 | 11,789,775 | 1,065,428 | 12,855,203 |
Unclaimed Dividend Adjustment | - | - | - | - | - | - | 35,330 | 35,330 | 362 | 35,692 |
Realisation on Revaluation Surplus | - | - | - | (61,040) | - | - | 61,040 | - | - | - |
Transferred to/(from) during the period | - | 170,345 | - | - | - | - | (170,345) | - | - | - |
Profit for the Period | - | - | - | - | - | - | 3,439,639 | 3,439,639 | 152,023 | 3,591,662 |
Total comprehensive income for the period | - | 170,345 | - | (61,040) | - | - | 3,365,664 | 3,474,969 | 152,385 | 3,627,354 |
Other Comprehensive Income | ||||||||||
Revaluation Gain on Land and Buildings | - | - | - | 620,826 | - | - | - | 620,826 | - | 620,826 |
Actuarial gain on Employee Benefit Obligations | - | - | - | - | - | - | 7,765 | 7,765 | 10,391 | 18,156 |
Fair Value Change in Equity instruments designated at fair value through other comprehensive income | - | - | - | 143 | - | - | 143 | - | 143 | |
Related Taxes | ||||||||||
Deferred Tax on Revaluation gain on Land and Buildings | - | - | - | (186,248) | - | - | - | (186,248) | - | (186,248) |
Deferred Tax on Actuarial gain on Employee Benefit Obligations | - | - | - | - | - | - | (2,366) | (2,366) | (3,117) | (5,483) |
Deferred Tax on Equity Investments at FVOCI-change in fair value | - | - | - | - | (43) | - | - | (43) | - | (43) |
Total Other Comprehensive Income for the Period | - | - | - | 434,578 | 100 | - | 5,399 | 440,077 | 7,274 | 447,351 |
Total Comprehensive Income for the Period | - | 170,345 | - | 373,538 | 100 | - | 3,371,063 | 3,915,046 | 159,659 | 4,074,705 |
Transactions with Owners of the Company, Recognised Directly in Equity | ||||||||||
Interim Dividend - 2024/2025 | - | - | - | - | - | (969,123) | (969,123) | - | (969,123) | |
Total Distributions to Owners of the Company | - | - | - | - | - | (969,123) | (969,123) | - | (969,123) | |
Balance at 31st March 2025 | 1,138,857 | 495,639 | - | 3,318,584 | 4,348 | 2,700,000 | 7,078,270 | 14,735,698 | 1,225,087 | 15,960,785 |
Realisation of Revaluation Surplus | - | - | (15,602) | - | - | 15,602 | - | - | - | |
Profit for the period | - | - | - | - | - | 1,492,548 | 1,492,548 | 60,713 | 1,553,261 | |
Total comprehensive income for the period | - | - | - | (15,602) | - | - | 1,508,150 | 1,492,548 | 60,713 | 1,553,261 |
Interim Dividend - 2025/2026 | - | - | - | - | - | - | (373,638) | (373,638) | - | (373,638) |
Total Distributions to Owners of the Company | - | - | - | - | - | - | (373,638) | (373,638) | - | (373,638) |
Balance at 30th June 2025 | 1,138,857 | 495,639 | - | 3,302,982 | 4,348 | 2,700,000 | 8,212,782 | 15,854,608 | 1,285,800 | 17,140,408 |
For the Three Months ended 30th June Stated Other Component of Company Capital Equity | Revenue Reserve | |||||
Revaluation Reserves | Fair Value of Financial Assets at FVOCI Reserve | General Reserves | Retained Earnings | Total Equity | ||
Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | Rs.000 | |
Balance as at 31st March 2024 | 1,138,857 | 2,946,412 | 2,535 | 2,700,000 | 1,536,740 | 8,324,544 |
Realisation of Revaluation Surplus | - | (1,366) | - | - | 1,366 | - |
Profit for the period | - | - | - | - | 472,014 | 472,014 |
Total comprehensive income for the period | - | (1,366) | - | - | 473,380 | 472,014 |
Transactions with Owners of the Company, Recognised Directly in Equity | ||||||
Distributions to Owners of the Company | ||||||
Interim Dividend - 2024/2025 | - | - | - | - | (175,143) | (175,143) |
Total Distributions to Owners of the Company | - | - | - | - | (175,143) | (175,143) |
Balance at 30th June 2024 | 1,138,857 | 2,945,046 | 2,535 | 2,700,000 | 1,834,977 | 8,621,415 |
Unclaimed Dividend Adjustment | - | - | - | - | 33,888 | 33,888 |
Realisation of Revaluation Surplus | - | (61,040) | - | - | 61,040 | - |
Profit for the Period | - | - | - | - | 2,730,015 | 2,730,015 |
Total comprehensive income for the period | - | (61,040) | - | - | 2,824,943 | 2,763,903 |
Other Comprehensive Income | ||||||
Revaluation gain on Land & Building | - | 620,826 | - | - | - | 620,826 |
Actuarial Loss on Employee Benefit Obligations | - | - | - | - | (33,260) | (33,260) |
Fair Value Change in Equity instruments designated at fair value through other comprehensive income | - | - | 143 | - | - | 143 |
Related Taxes | ||||||
Deferred Tax on Revaluation Gain on Land & Buildings | - | (186,248) | - | - | - | (186,248) |
Deferred Tax on Actuarial loss on Employee Benefit Obligations | - | - | - | - | 9,978 | 9,978 |
Deferred Tax on Equity Investments at FVOCI-change in fair value | - | - | (43) | - | - | (43) |
Total Other Comprehensive Income for the Period | - | 434,578 | 100 | - | (23,282) | 411,396 |
Total Comprehensive Income for the Period | - | 373,538 | 100 | - | 2,801,661 | 3,175,299 |
Transactions with Owners of the Company, Recognised Directly in Equity | ||||||
Distributions to Owners of the Company | ||||||
Interim Dividend - 2024/2025 | - | - | - | - | (969,123) | (969,123) |
Total Distributions to Owners of the Company | - | - | - | - | (969,123) | (969,123) |
Balance at 31st March 2025 | 1,138,857 | 3,318,584 | 2,635 | 2,700,000 | 3,667,515 | 10,827,591 |
Realisation of Revaluation Surplus | - | (15,602) | - | - | 15,602 | - |
Profit for the period | - | - | - | - | 1,215,641 | 1,215,641 |
Total comprehensive income for the period | - | (15,602) | - | - | 1,231,243 | 1,215,641 |
Transactions with Owners of the Company, Recognised Directly in Equity | ||||||
Distributions to Owners of the Company | ||||||
Interim Dividend - 2025/2026 | - | - | - | - | (373,638) | (373,638) |
Total Distributions to Owners of the Company | - | - | - | (373,638) | (373,638) | |
Balance at 30th June 2025 | 1,138,857 | 3,302,982 | 2,635 | 2,700,000 | 4,525,120 | 11,669,594 |
STATEMENT OF CASH FLOWS | ||||
Group | Company | |||
For the Three Months ended 30th June | 2025 Rs. '000 | 2024 Rs. '000 | 2025 Rs. '000 | 2024 Rs. '000 |
Cash Flows from/(used in) Operating Activities | ||||
Profit before Income Tax Expense | 2,334,376 | 892,402 | 1,761,800 | 684,424 |
Adjustments for: | ||||
Depreciation of Property, Plant and Equipment | 206,349 | 181,226 | 157,677 | 139,891 |
Amortization of Intangible Assets | 14,897 | 14,620 | 10,493 | 10,616 |
Amortization of Right of Use Assets | 329,619 | 291,400 | 289,163 | 254,945 |
Loss/ ( Gain) on Disposal of Property, Plant and Equipment | 67 | (8,017) | 67 | (7,821) |
Interest Expenses | 1,342,815 | 907,749 | 733,539 | 880,377 |
Interest Income | (153,902) | (157,531) | (31,597) | (17,691) |
Impairment/(Reversal) of Inventories | 351,554 | (5,762) | 351,554 | (5,762) |
Impairment Provision on Trade and Other Receivables | 120,344 | 175,300 | 32,363 | 131,692 |
Provision for Employee Benefit Obligation | 61,530 | 52,550 | 52,338 | 44,870 |
Operating Profit before Working Capital Changes | 4,607,649 | 2,343,937 | 3,357,397 | 2,115,541 |
Decrease in Inventories | 94,103 | 2,881,951 | 54,130 | 2,849,763 |
(Increase)/Decrease in Debtors falling Due after one Year | (2,103,796) | (1,655,124) | 178,923 | (65,078) |
(Increase)/Decrease in Debtors falling Due within one year | (4,468,989) | (2,575,462) | 232,480 | 50,649 |
(Increase)/Decrease in Dues from Related Parties | (73,363) | 38,085 | (204,361) | (92,369) |
Decrease in Dues to Related Parties | (144,649) | (545,390) | (408,353) | (602,890) |
Increase in Security Deposits | 106,506 | 51,077 | 106,506 | 51,078 |
Increase/(Decrease) in Trade and Other Payables | (1,614,719) | 582,199 | (1,341,695) | 637,766 |
Increase in Deferred Liabilities | 55,711 | 50,010 | 55,711 | 50,010 |
Cash Generated from/(used in) Operations | (3,541,547) | 1,171,283 | 2,030,738 | 4,994,470 |
Finance Costs Paid | (1,129,568) | (768,285) | (545,793) | (761,848) |
Employee Benefit Paid | (23,077) | (20,636) | (22,056) | (18,394) |
Income Tax Paid | (483,197) | (109,141) | (300,000) | (56,000) |
Net Cash from/(used in) Operating Activities | (5,177,389) | 273,221 | 1,162,889 | 4,158,228 |
Cash Flows from /(used in) Investing Activities | ||||
Acquisition of Property, Plant and Equipment and Intangible Assets | (180,930) | (116,434) | (85,370) | (60,150) |
Proceeds from Disposal of Property Plant and Equipment | 146 | 11,638 | 146 | 11,442 |
(Increase) in Investment Securities | (5,339,810) | (69,140) | - | - |
Interest Income Received | 133,055 | 157,531 | 10,750 | 16,049 |
Net Cash Flows from/(used in) Investing Activities | (5,387,539) | (16,405) | (74,474) | (32,659) |
Cash Flows from/(used in) Financing Activities | ||||
Net proceeds from/(settlement to) Interest - Bearing Loans and Borrowings | 8,795,527 | (2,866,218) | 1,770,183 | (2,228,581) |
Net settlements to Lease Creditors | (421,808) | (448,817) | (370,348) | (373,837) |
Increase in Customer Deposit Liabilities | 1,180,271 | 979,307 | - | - |
Dividends Paid | (444,568) | - | (444,568) | - |
Net Cash Flows from/(used in) Financing Activities | 9,109,422 | (2,335,728) | 955,267 | (2,602,418) |
Net Increase /(Decrease) in Cash and Cash Equivalents | (1,455,506) | (2,078,912) | 2,043,682 | 1,523,151 |
Cash and Cash Equivalents at the Beginning of the Year | 5,933,494 | 3,642,978 | 2,231,671 | 97,745 |
Cash and Cash Equivalents as at the end of Period | 4,477,988 | 1,564,066 | 4,275,353 | 1,620,896 |
ANALYSIS OF CASH & CASH EQUIVALENTS | ||||
Favourable balances | ||||
Cash in hand and at bank | 3,889,616 | 3,414,353 | 2,953,854 | 2,923,532 |
Fixed Deposits | 2,562,719 | 810,108 | 2,285,309 | 551,075 |
Unfavourable balances | ||||
Bank overdrafts | (1,974,347) | (2,660,395) | (963,810) | (1,853,711) |
4,477,988 | 1,564,066 | 4,275,353 | 1,620,896 | |
BASIS OF PREPARATION AND GROUP'S ACCOUNTING POLICIES
The interim condensed consolidated financial statements for the three months ended 30th June 2025 have been prepared in accordance with LKAS 34 Interim Financial Reporting.
The Financial Statements for the period ended 30th June 2025, includes "the Company" referring to Singer (Sri Lanka) PLC, as the holding company and "the Group" referring to the companies whose accounts have been consolidated therein.
The interim condensed Consolidated Financial Statements do not include all the information and disclosures required in the Annual Financial Statements, and should be read in conjunction with the Group's Annual Consolidated Financial Statements as at 31 March 2025.
The presentation and classification of the Financial Statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period.
The interim Condensed Financial Statements are presented in Sri Lankan Rupees (LKR) and all values are rounded to the nearest thousand except when otherwise indicated.
Fair Value measurement and related fair value disclosures - Financial Instruments
Group Company
Recurring Fair Value Measurements | 2025 June | 2025 March | 2025 June | 2025 March | Level | |
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||
Investment in Equity Securities 22,468 | 22,468 | 20,283 | 20,283 | 3 | Financial Assets at FVOCI | |
22,468 | 22,468 | 20,283 | 20,283 | |||
2.0 Segmental Analysis of Company Net Turnover is as follows:
Three Months ended 30th June 2025 | Three Months ended 30th June 2024 | |
Rs'000 | Rs'000 |
Consumer Electronics | 2,937,006 | 2,114,744 |
Financial Services | 1,846,562 | 1,543,957 |
Furniture | 1,570,585 | 1,013,844 |
Home Appliances | 9,781,308 | 7,380,615 |
Digital Products | 5,753,736 | 3,758,961 |
Sewing | 811,421 | 499,160 |
Other | 1,890,986 | 922,882 |
24,591,604 | 17,234,163 | |
2.1 Segmental Analysis of Company Profits Before Tax is as follows: |
Three Months ended 30th June 2025 | Three Months ended 30th June 2024 | |
Rs'000 | Rs'000 |
Consumer Electronics | 340,507 | 191,078 |
Financial Services | 520,001 | 365,500 |
Furniture | 124,698 | 50,569 |
Home Appliances | 948,451 | 694,637 |
Digital Products | 292,893 | 160,426 |
Sewing | 88,661 | 49,279 |
Other | 74,102 | (2,287) |
Impairment Loss on Trade and Other Receivables | (32,363) | (131,692) |
Operating Profit | 2,356,950 | 1,377,510 |
Net Finance Cost | (571,150) | (673,086) |
VAT on Financial Services | (24,000) | (20,000) |
Profit Before Tax | 1,761,800 | 684,424 |
2.2 Segmental Analysis of Group Net Turnover is as follows:
Three Months ended 30th June 2025 | Three Months ended 30th June 2024 | |
Rs'000 | Rs'000 |
Consumer Electronics | 2,937,006 | 2,114,744 |
Financial Services | 4,777,129 | 3,432,364 |
Furniture | 1,570,585 | 1,013,844 |
Home Appliances | 9,786,945 | 7,381,842 |
Digital products | 5,753,736 | 3,758,961 |
Sewing Machines | 811,421 | 499,160 |
Other | 1,890,987 | 922,882 |
27,527,809 | 19,123,797 | |
2.3 Segmental Analysis of Group Profits Before Tax is as follows: |
Three Months ended 30th June 2025 | Three Months ended 30th June 2024 | |
Rs'000 | Rs'000 |
Consumer Electronics | 340,507 | 186,685 |
Financial Services | 1,205,843 | 543,060 |
Furniture | 124,698 | 50,569 |
Home Appliances | 977,623 | 711,418 |
Digital Products | 292,893 | 160,426 |
Sewing Machines | 88,661 | 49,279 |
Other | 76,039 | (256) |
Impairment (Loss)/Reversal on Trade and Other Receivables | (120,344) | (175,301) |
Operating Profit | 2,985,920 | 1,525,880 |
Net Finance Cost | (437,258) | (520,708) |
VAT on Financial Services | (214,286) | (112,770) |
Profit /(Loss) Before Tax | 2,334,376 | 892,402 |
3 STATED CAPITAL | ||
3.1 | ||
30th June 2025 | 31st March 2025 | |
Value-Ordinary Shares (Rs.) | 1,138,856,653 | 1,138,856,653 |
Number of Ordinary Shares at the end of the period | 1,167,617,912 | 1,167,617,912 |
Voting Rights | One Vote per Ordinary Share | One Vote per Ordinary Share |
CONTINGENCIES
Commissioner General of Inland Revenue has issued assessment notices on Singer (Sri Lanka) PLC pertaining to an additional VAT Liability/ Payment on account of Deemed VAT for seven quarters during the period 1st January 2014 to 30th September 2015. The assessments were for a Deemed VAT payment of Rs. 1,076 million and penalty of Rs. 423 million, totaling to Rs. 1,499 million. The assessments were appealed against and the Commissioner General of Inland Revenue issued the determination on the appeal. In terms of the same, Rs. 791 million of Deemed VAT liability and penalty of Rs. 395 million totaling to Rs.1,186 million was held to be a Deemed VAT liability for the seven quarters for the period from 1st January 2014 to 30th September 2015. The Company after carefully reviewing the situation and based on the advice of tax consultants, was of the opinion that there is no basis for the Company to be made liable for Deemed VAT. Accordingly the Company decided to appeal to the Tax Appeals Commission against the determination. Further, the Company had previously provided bank guarantees amounting to Rs. 297 million to the Commissioner General of Inland Revenue - Tax Appeals Commission.
The Tax Appeals Commission hearings were concluded on 28th February 2023, and the determinations were consequently issued on the 17th of May 2023 and 23rd May 2023 for all seven quarters for the period from 1st January 2014 to 30th September 2015 - Though the Company was not informed of such determinations for a period of approximately one month from such dates. The Tax Appeals Commission in
determining the case has confirmed the purported determinations made by the Commissioner General of Inland Revenue for all seven quarters. Accordingly at the time of receiving the said determinations on the 20th of June 2023, the company deposited 10% of the pending assessed value amounting to Rs. 108 Mn in lieu of renewing the bank guarantees which were previously given. The Rs. 108 Mn. has by now been transferred by the Tax Appeals Commission to the Department of Inland Revenue.
The Company after carefully reviewing the situation and based on the advice of tax consultants, is of the opinion that there is no basis for the Company to be made liable for Deemed VAT. Accordingly, the Company has decided to seek the judicial review in the Appellate Court against the determination issued by the Tax Appeals Commission by making an application for a case stated,which was submitted to the Court of Appeal in August 2023. Hence, no provision has been made in the Financial Statements until the matter has been determined by the Court.
Commissioner General of Inland Revenue has issued assessment notices on Singer Digital Media (Pvt) Ltd which has been amalgamated with Singer (Sri Lanka) PLC pertaining to an additional Income Tax Liability for the Year of Assessment 2018/2019. The assessment was for an income tax payment of Rs. 86 million and interest and penalty of Rs. 44 million and Rs. 16 million respectively, totaling to Rs. 147 million.
Since, the Commissioner General of Inland Revenue has failed to make the determination on the appeal, the Company has decided to appeal to the Tax Appeal Commission against the assessment dated 25th May 2022. Further, the Company has previously provided a bank guarantee amounting to Rs. 37 million to the Commissioner General of Inland Revenue - Tax Appeals Commission on 02nd March 2023.
The determination was issued by the Tax Appeals Commission for the year of assessment 2018/2019 on 21st November 2023 confirming the assessment notices issued. The tax authorities have exercised the bank guarantee of Rs. 37 million on 7th December 2023.
The Company after carefully reviewing the situation and based on the advice of tax consultants, is of the opinion that there is no basis for the Company to be made liable for Income Tax. Accordingly, the Company has decided to seek the judicial review in the Appellate Court against the determination issued by the Tax Appeals Commission by making an application for a case stated , which was submitted to the Court of Appeal in February 2024. Hence, no provision has been made in the Financial Statements until the matter has been determined by the Court.
Singer (Sri Lanka) PLC has provided bank guarantees amounting to Rs. 588 million to Director General of Customs to clear imports during the years 2008 to June 2025. The bank guarantee related to alleged additional duty payable on imports, claimed by the customs and is being contested by the Company in courts. The Court of Appeal ordered that the Director General of Customs continue with the investigations. The Company being aggrieved by the decision has filed an appeal, which is pending before the Supreme Court. The Company lawyers are of the
opinion that there is no basis that the Company is liable for the additional duty. Based on assessment the probability is higher that the Company would not be required to settle the liabilities. Hence, no provision is made in the Financial Statements.
Inland Revenue Department has issued assessment notices on Singer (Sri Lanka) PLC pertaining to VAT for 16 quarters from the 1st Quarter of 2017 to the 1st Quarter of 2022. The assessment for VAT payment of Rs. 603.2Mn and penalties thereon amounting to Rs. 788.2Mn. The reason for these assessments is due to mismatch between the tax invoice numbers/values associated with third-party input VAT claims (as
reported in Customer VAT Schedule 02) and those recorded and declared by the company in VAT Schedule 01 of Singer (Sri Lanka) PLC. Thus, the Inland Revenue Department arguing that there is an undeclared revenue.
The Company after carefully reviewing the situation and based on the advice of tax consultants, is of the opinion that there is no basis for the Company to be made liable for VAT. Accordingly, the Company has decided to appeal against the assessments issued by the Senior Deputy Commissioner of the Inland Revenue Department.
Inland Revenue Department has raised assessment notices on Singer (Sri Lanka) PLC pertaining to an additional Income Tax Liability for the Year of Assessments 2018/2019, 2019/2020 and 2020/2021. These assessments were for income tax payment of Rs. 423 million and
interest and penalty of Rs. 575 million and Rs. 120 million respectively, totalling to Rs. 1,118 million. The reason for these assessments is due to mismatch between the tax invoice numbers/values associated with third-party input VAT claims (as reported in Customer VAT Schedule 02) and those recorded and declared by the company in VAT Schedule 01 of Singer (Sri Lanka) PLC. Thus, the Inland Revenue Department arguing that there is an undeclared revenue, thereby resulting in an understatment of the taxable profit.
The Company after carefully reviewing the situation and based on the advice of tax consultants, is of the opinion that there is no basis for the Company to be made liable for Income Tax. Accordingly, the Company has decided to appeal against the assessments issued by the Senior Deputy Commissioner of the Inland Revenue Department.
The Commissioner General of Inland Revenue has issued assessments against Regnis Appliances (Pvt) Ltd, a 100% subsidiary of Singer (Sri Lanka) PLC. The assessments were raised on VAT for 1st & 4th Quarter of 2016, 4th Quarter of 2019 and 1st Quarter of 2023. The total amount of assessments is Rs. 3.3Mn.
The Company, after carefully reviewing the situation and based on the advice of tax consultants, is of the opinion that there is no basis for the Company to be made liable for VAT. Accordingly, the Company has decided to appeal against the assessments issued by the Commissioner of the Inland Revenue Department.
Singer Finance (Lanka) PLC has provided letters of guarantee totalling to Rs.15,700,000/- against Fixed Deposits of Rs.15,700,000/- as at 30th June 2025.
The Commissioner General of Inland Revenue has issued an assessment notice to Singer Finance (Lanka) PLC regarding an additional surcharge tax liability for the taxable period from 1st April 2020 to 31st March 2021. The assessment includes a surcharge tax of Rs. 333.5 million and interest of Rs. 49.7 million, totaling to Rs. 383.2 million.
After an extensive evaluation of the circumstances and tax legislation, management asserts that there are valid reasons to contest the assessment. Therefore, the Company has initiated an appeal for an administrative review.
The Commissioner General of Inland Revenue has issued an assessment notice to Singer Finance (Lanka) PLC regarding an additional Income tax liability for the taxable period from 1st April 2020 to 31st March 2021. The assessment includes an Income tax of Rs. 102.2 million and interest of Rs. 49 million, totaling Rs. 151.2 million.
After an extensive evaluation of the circumstances and tax legislation, management asserts that there are valid reasons to contest the assessment. Therefore, the Company has initiated an appeal for an administrative review on 20th June 2024
The Commissioner General of Inland Revenue has issued an assessment notice to Singer Finance (Lanka) PLC regarding an additional Income tax liability for the taxable period from 1st April 2021 to 31st March 2022. The assessment includes an Income tax of Rs. 22.8 million and interest of Rs. 9.9 million, totaling Rs. 32.7 million.
After an extensive evaluation of the circumstances and tax legislation, management asserts that there are valid reasons to contest the assessment. Therefore, the Company has initiated an appeal for an administrative review.
Regnis (Lanka) PLC which is now merged with Singer (Sri Lanka) PLC has cleared a shipment of imported goods during the year 2008 on provision of a bank guarantee to the Director General of Customs amounting to Rs. 7 million. The bank guarantee relates to alleged additional duty payable on imports which is contested by the Company. The customs inquiry initiated in 2008 is still pending. The Management is of the opinion that there is no basis that the Company is liable for the additional duty and hence, no provision is made in the Financial Statements on additional duty payable on imports which is contested by the Company.
The Commissioner General of Inland Revenue has issued Default tax notices on Regnis (Lanka) PLC which was amalgamated with Singer (Sri Lanka) PLC on 31st January 2024 pertaining to VAT, IT, Dividend tax & ACT Liabilities from the year 1998 to 2007. The default notices were for Rs. 12.2 million and penalty of Rs.5.5 million, totalling to Rs. 17.7 million. Based on the advice of tax consultants, we have given a reply to the IRD mentioning reasons as to why we should not be assessed.
The Commissioner General of Inland Revenue has issued assessments/default notices on Singer Industries PLC which was amalgamated with Singer (Sri Lanka) PLC on 31st January 2024 pertaining to VAT, IT, Dividend tax & PAYE Liabilities from the year 1993 to 2024. The assessments/ default notices were for Rs. 41.7 million and penalty of Rs.20.8 million, totalling to Rs. 62.5 million. After an extensive evaluation of the circumstances and tax legislation, management asserts that there are valid reasons to contest the assessments/default notices. Therefore,no provision has been made in the financial statements.
Commissioner General of Inland Revenue has issued an assessment notice on Singer (Sri Lanka) PLC pertaining to an additional VAT on Financial Services Liability for the taxable period of 01st January 2016 to 31 December 2016. The assessment was for a VAT on Financial Services payment of Rs. 27 million and penalty of Rs. 16 million, totaling to Rs. 43 million. Subsequently, Commissioner General of Inland Revenue had given the determination on the appeal. As per the same, Rs . 26 million of VAT on Financial Services liability and a penalty of Rs. 26 million totaling to Rs. 52 million is payable as a VAT on Financial Services liability for the period 1st January 2016 to 31st December 2016. The Company after carefully reviewing the situation and based on the advice of tax consultants, was of the opinion that the Company has strong grounds on which to contest the CGIR's determination. Accordingly, the Company decided to appeal to the Tax Appeal Commission against the determination on 17th August 2021. Further, the Company has provided a bank guarantee amounting to Rs.13 million to the Commissioner General of Inland Revenue - Tax Appeal Commission on 03rd December 2021. The Tax appeal commission annulled the assessment and the determination of the Commissioner General of Inland Revenue on the case through their determination made on the 24th December 2024.
Events Occuring After The Balance Sheet Date
There have been no material events occuring after the balance sheet date that require disclosure in the financial statements.
Interim Dividend
On 30th June 2025, the Board of Directors have declared a first interim dividend of Rs. 0.32 per share amounting to Rs. 373.6 million for the year ending 31st March 2026 and payment was made on 24th July 2025.
Top 20 Shareholders as at 30th June 2025
Name
Number of Shares
Percentage
1 HAYLEYS PLC
783,801,111
67.12
2 HAYLEYS ADVANTIS LIMITED
111,382,980
9.53
3 VOLANKA (PRIVATE) LIMITED
34,787,235
2.98
4 HAYLEYS AVENTURA (PRIVATE) LIMITED
31,595,745
2.71
5 CARBOTELS (PRIVATE) LIMITED
29,042,553
2.49
6 HAYLEYS AGRICULTURE HOLDINGS LIMITED
28,404,255
2.43
7 MR. KULAPPUARACHCHIGE DON DAMMIKA PERERA
20,807,739
1.78
8 DEUTSCHE BANK AG TRUSTEE TO LYNEAR WEALTH DYNAMIC OPPORTUNITIES FUND
7,725,038
0.66
9 MRS. MIHIRI VIRANI FERNANDO
6,025,000
0.52
10 J.B. COCOSHELL (PVT) LTD
3,689,925
0.32
11 HATTON NATIONAL BANK PLC - CAPITAL ALLIANCE QUANTITATIVE EQUITY FUND
2,996,471
0.26
12 PEOPLE'S LEASING AND FINANCE PLC/L.P.HAPANGAMA
2,781,287
0.24
13 PEOPLE'S LEASING AND FINANCE PLC/M.E.AMARASINGHE
2,284,866
0.20
14 MR. OSHAN SENANAYAKE, MR. D.R. PIERIS & MR. S.P. PERERA
1,508,342
0.13
15 COMMERCIAL BANK OF CEYLON PLC/P.SUBASINGHE
1,500,000
0.13
16 UNION INVESTMENTS PRIVATE LTD
1,355,798
0.12
17 MR. YONMERENNE SIMON HEWAGE RUSHANKA SULAKSHANA SILVA
1,310,000
0.11
18 MR. BENTARA WADUMESTRIGE RISIJAYA SRIKANTHA
1,247,575
0.11
19 MISS NAI KALUGE RUVANI HEMAMALA DE SILVA
1,192,914
0.10
20 MR. ABEYSIRI HEMAPALA MUNASINGHE & MR. A.R.R. MUNASINGHE
1,153,220
0.10
Sub Total
1,074,592,054
92.04
Other Shareholders
93,025,858
7.96
Total Issued Shares
1,167,617,912
100.00
Director's and GMD's Shareholding as at
Name of the Director
Shareholding 30th June
2025
Number of Shares
Shareholding 31st March
2025
Number of Shares
Mr. Mohan Pandithage - -
Mr. Mahesh Wijewardene (GMD) - -
Mr. Deepal Sooriyaarachchi - -
Mr. Sarath Ganegoda - -
Mr. Dilip De Silva Wijeyeratne - -
Ms. Gayani De Alwis - -
Ms. Brindhiini Perera - -
Ms. Kawshi Amarasinghe - -
Mr. Jonathan Alles - -
Mr. Shalinka Seresinhe (appointed on 01.04.2025) - -
Mr. Thulitha Mendis (appointed on 01.04.2025) - -
Mr. Vajira Tennakoon (appointed on 01.04.2025) - -
Public Holding
Shares held by public as at 30th June 2025
Number of share holders Number of shares Percentage
5,654 127,691,294 10.94%
Float adjusted market capitalization - Rs. 5,963,183,430/=
The Company is in compliance with option 3 of the Listing Rule 7.13.1 (i) (a) which requires a Company with a Float Adjusted Market Capitalization of more than Rs. 5 Bn. to maintain a minimum public holding of 7.5%
Company Secretaries / Registrars
Hayleys Group Services (Private) Limited 400, Deans Road, Colombo 10, Sri Lanka Contact No. 0112627650
Corporate InformationName of the Company
Singer (Sri Lanka) PLC
Legal form
Public company with limited liability. Incorporated as a public company in SriLanka on 30th December 1974 under the Companies Ordinance and re-registered under the Companies Act No. 07 of 2007 on 13th June 2008.
Founded in 1877 as a Branch of Singer Sewing Machine Company, USA.
The shares of the Company are listed on the Colombo Stock Exchange.
Registered office
Singer (Sri Lanka) PLC No. 112, Havelock Road, Colombo 05, Sri Lanka.
Phone: +94 11 231 6316 (13 lines) Facsimile:
+94 11 242 3544
Email: singer@singersl.com Website: https://www.singer.lk
Company registration number
New - PQ 160'
Old - PBS 802 (S.P.)
Tax payer Identification Number
124008026
Bankers
Bank of Ceylon
Commercial Bank of Ceylon PLC Deutsche Bank Sri Lanka
Hatton National Bank PLC MCB Bank Sri Lanka Nations Trust Bank PLC NDB Bank PLC
Pan Asia Bank PLC People's Bank Seylan Bank PLC Sampath Bank PLC
Standard Chartered Bank (Sri Lanka) Limited
The Hongkong & Shanghai Banking Corporation
Union Bank PLC Habib Bank Limited DFCC Bank PC Cargills Bank PLC
Auditors
KPMG
Chartered Accountants
No. 32A, Sir Mohamed Macan Markar Mawatha,
P.O. Box 186,
Colombo 3, Sri Lanka.
Registrars
Hayleys Group Services (Private) Limited No. 400, Deans Road,
Colombo 10, Sri Lanka.
Company secretaries
Hayleys Group Services (Private) Limited No. 400, Deans Road,
Colombo 10, Sri Lanka.
Lawyers
Neelakandan & Neelakandan Attorneys-at-Law & Notaries Public M&N Building (Level 5),
No. 2, Deal Place, Colombo 3, Sri Lanka.
Directorate
Mr. Mohan Pandithage Chairman (Executive)
Mr. Mahesh Wijewardene Group Managing Director Mr. Deepal Sooriyaarachchi Mr. Sarath Ganegoda
Mr. Dilip De S. Wijeyeratne Ms. Gayani de Alwis
Ms. Brindhiini Perera
Ms. Kawshi Amarasinghe Mr. Jonathan Alles
Mr. Shalinka Seresinhe (appointed w.e.f 01.04.2025) Mr. Thulitha Mendis (appointed w.e.f 01.04.2025) Mr. Vajira Tennakoon (appointed w.e.f 01.04.2025)
Audit Committee
Mr. Dilip De Silva Wijeyeratne (Chairman)-Senior Independent
Mr. Deepal Sooriyaarachchi Non Executive
Mr. Jonathan Alles Independent Non Executive
Nominations and Governance Committee
Mr. Dilip De Silva Wijeyeratne (Chairman) Senior Independent
Mr. Sarath Ganegoda Non Executive
Mr. Jonathan Alles Independent Non Executive
Remuneration Committee
Mr. Dilip De Silva Wijeyeratne (Chairman) -Senior Independent
Mr. Deepal Sooriyaarachchi Non Executive
Mr. Jonathan Alles Independent Non Executive
Related Party Transactions Review Committee
Mr. Jonathan Alles (Chairman) Independent Non Executive
Mr. Dilip De Silva Wijeyeratne Senior Independent
Mr. Deepal Sooriyaarachchi Non Executive
Singer (Sri Lanka) PLC No. 112, Havelock Road, Colombo 05, Sri Lanka.
Phone : +94 11 231 6316 (13 lines)
Facsimile : +94 11 242 3544 Email : singer@singersl.com Website : https://www.singer.lk