SINGER Reports a 24% Growth of Profit in 2Q from Higher Margin Product and Lower Cost
SINGER Reports a 24% Growth of Profit in 2Q from Higher Margin Product and Lower Cost.
SINGER Reports a 24% Growth of Profit in 2Q from Higher Margin Product and Lower Cost.
9 ส.ค. 2562

Singer Thailand Public Company Limited (SINGER) had a net profit of THB 52 million, increased by THB 10 million or 23.8% when compared with the same quarter of the previous year.
On April 2019, the Group increased its capital 131,505,235 shares; as a result, weighted average shares increased 101,157,873.08 shares when compared to which the 2nd quarter of 2018. Since the Group had higher profit, earnings per share for the 2nd quarter of 2019 and 2018 were of THB 0.14 and 0.16, respectively.
Total revenue decreased by THB 79 million or 10.4% when compared with the same quarter of the previous year, this resulted in decrease in revenue from sales of  goods of THB 100 million due to decrease in sales of TV approximately THB 66 million, and Air Time Vending Machine of THB 28 million
Although total revenue decreased when compared with the same quarter of previous year, but the Group increased in gross profit margin from 41.5% in 2nd quarter of 2018 to 50.6% in 2nd quarter of 2019 since the Group focused on sales of high margin products and costs controlling; therefore, decreased in revenue from sales of goods 19.6% while decreased in cost of goods sold 32.1%.
For total expenses in 2nd quarter of 2019, even the Group would need to recognize employee benefit of THB 14.7 million from changing in Labour Protection Act but by overall, the expenses still decreased of THB 90 million or 12.4%. This mainly was from cost controlling over the cost of goods sold and distribution costs.
Total assets of the Group decreased by THB 107 million or down 2.1% when compared with the end of 2018, significant changes as follows:
– Hire-purchase contract receivables and Loan receivables with vehicle collateral
Portfolio of receivables decreased by THB 119 million or 3.6% from the year ended 2018, this was from the Group adjusted funding structure during the 2nd quarter of2019 by increase in capital in April 2019 and process to offer debentures to the institution and/or high net worth investors; therefore, the portfolio growth slowed down.
-Other receivables decreased by THB 79 million or 31.2% when compared with the year ended 2018, this was mainly from sales promotion which was not a recurring item. Liabilities and
 
Total liabilities decreased by THB 851 million or 23.8% when compared with the year ended in 2018; this was mainly from payment of matured debenture of THB 500 million. Total equity increased since an increase in capital and premium totaling of THB 642million on 22 April 2019.
 