Singer Bangladesh returned to profit in the second quarter (Q2) through June this year, buoyed by higher sales, lower finance costs, although subdued consumer demand continued to weigh on its business performance.
The multinational electronics and home appliance manufacturer posted a net profit of Tk 136 million for the April-June quarter, reversing a loss of Tk 311 million in the same period a year earlier.
Revenue rose 3.4 per cent year-on-year to Tk 8.4 billion from Tk 8.1 billion in the same quarter a year before as the company retained its market position despite a prolonged slowdown in consumer spending.
Management, however, said sales fell short of expectations as persistently high inflation, geopolitical uncertainties and unfavourable weather curbed demand for consumer electronics and home appliances.
Despite returned to profit in the second quarter, half-yearly earnings remained in the red as the company suffered Tk 578 million losses in the first quarter for January-March this year.
Consequently, the company reported a loss of Tk 422 million in January-June this year compared to loss of Tk 659 million the same period last year.