• Friday, Feb 26, 2021
  • Last Update : 09:50 pm

Shutdown proved too costly for Singer in 2020

  • Published at 02:38 am January 26th, 2021
Singer Bangladesh

Profit down 24% last year

Singer Bangladesh, a household name for household appliances, saw its profit slump about 24.2 per cent last year as the company failed to make up for the missed quarter of sales thanks to the two-and-a-half-month-long countrywide shutdown to slow the spread of coronavirus.

The company logged in profit of about Tk 78.3 crore for its last financial year, which runs from January to December.

The summer season, which is the months between April and June, typically makes up 40 per cent of annual sales of refrigerators and air conditioners, Kazi Ashiqur Rahman, company secretary of Singer Bangladesh told Dhaka Tribune. 

But the stores were closed for a large chunk of that season.

The countrywide shutdown was lifted on May 30 and Singer Bangladesh was raring to make the most of the pent-up demand for household appliances as well as need-based buying as consumers spent more time at home and bought appliances to ease household chores.

The company ran promotional programmes to tempt consumers to loosen their purse strings and resume discretionary spending after months of austerity measures, according to Rahman.

Subsequently, Singer logged in profit of Tk 42.6 crore between July and September, up 1.7 per cent from a year earlier.

In the end, the missed quarter of sales turned out to be a mountain too steep to climb. 

Given the drop in profit, the company’s board of directors yesterday declared a 30 per cent cash dividend for the year, down from 77 per cent disbursed a year earlier.

Shares of Singer Bangladesh, which has been listed since 1983, closed at Tk 178.8 yesterday, down 0.2 per cent from the previous day.

In 2020, Singer shares lost 2.1 per cent in value.

59
Facebook 58
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail