Singer (Sri Lanka) PLC has announced that it posted a revenue increase of 16% in the 1^st quarter year-on-year, which amounts to Rs 15.1 billion, in spite of lower demand for consumer durables in urban areas. In the quarter ended 30th June 2018, the profit before tax of the company increased to Rs 640 million while Profit for the period increased by 7% to Rs. 450 million. Commenting on the results, Singer (Sri Lanka) PLC Group CEO Asoka Pieris attributed the results to consumer income levels and sentiments in urban areas being lower due to higher fuel costs, personal taxes and interest rates continuing to be at high levels. "Despite a challenging environment, Singer is continuing to increase market share and market leadership in consumer durables. We are confident that with the new strategies and initiatives in place, combined with synergies of Hayleys Group, the Singer Group can look forward to significant growth,” he said. While an improvement in the rural economy was noted in April-May, the company anticipates gradual improvements in the Business Conditions during 2018 with an improved harvest in August/September and will pursue strategies to improve revenue and margins while lowering costs via key business initiatives. Hayleys Chairman and Chief Executive Mohan Pandithage, who has served as Singer PLC Chairman since its acquisition by Hayleys Plc in the second half of 2017. “As the major shareholder, Hayleys Group is poised to significantly strengthen Singer’s growth prospects as the leader in consumer durables and maximize its potential further.” Singer (Sri Lanka) Group is the largest retailer, financier and manufacturer of consumer durables in Sri Lanka, and currently operates 430 retail stores islandwide.