Singer Bangladesh posts a loss in the third quarter

Singer Bangladesh has posted a significant loss in the period July-September (third quarter), in contrast to the same period in 2023, despite revenue growth of 7%.

In a statement issued today (October 22), the company attributed its loss mainly to a combination of factors including a currency crisis that pushed up import costs and an increase in expenses to offer bigger discounts and carry out wider promotional activities to increase sales.

These combined pressures caused the company’s profitability to fall during this period.

In the third quarter, the company posted a loss of Tk 18.55 crore, compared to a profit of Tk 8.77 crore in the same period a year earlier.

Its revenue stood at Tk 361 crore, which is higher than Tk 336 crore compared to a year ago.

Its loss per share stood at Tk 1.86 crore, which was a gain of Tk 0.88 a year ago.

In the first nine months of the current year, the company’s net profit stood at Tk 5.05 crore, compared to Tk 67.08 crore a year ago, the statement said.

Also, Singer’s earnings per share during the period stood at Tk 0.51, which was Tk 6.73 in the same period last year.

Its share price closed at Tk 134.60 on the Dhaka Stock Exchange on Tuesday.