Singer posts 143% fall in earnings

Singer Bangladesh has posted a 143 per cent fall in its earnings in the third quarter (July-September) of the current year, compared to the same period of the previous year.

The company attributed the decreased earnings to lower sale, higher import cost, and higher income tax.

The publicly traded company submitted its financial statement for third quarter to the Dhaka Stock Exchange on Tuesday.

Singer Bangladesh, which carries out share trading with the code name SINGERBD, reported earnings per share (EPS) of Tk 1.28 for the quarter, against Tk 4.28 of the previous year’s same period.

If the past nine months are taken into account, the company’s EPS stood at Tk 5.97, against Tk 6.29 of the previous year’s January-September period.

Net operation cash flow (NOCFPS) was negative Tk 34.13 for January-September, against Tk 1.30 negative for the same period of previous year.

Its net asset value (NAV) per share stood at Tk 35 on September 30, when it was Tk 34.66 on December 31, 2020.

About the lower earnings, the company said overall lower sales along with higher payments, for costs and expenses for early imports and demurrage costs and income taxes to support the festivals and high targets in view of seasonality, has forced to decrease NOCFPS, although collection from turnover has increased compared to Q3 2020.

Additionally, the company mentioned that sales of refrigerator were lost in a big number during the last Eid due to country wide strict restrictions when all shops and dealer points were closed.

As a result, NOCFPS per share dropped significantly compared to the same period of last year, it added.

The share price of the company declined more than Tk 6 and dipped to Tk 177 on Tuesday. Its share price movement was between Tk 158.50 to Tk 214.90 throughout the last year.