Singer Bangladesh Ltd, a prominent home appliance manufacturer, disclosed a Tk 2.1 crore loss in the first quarter of the fiscal year 2024, attributing it to escalating finance costs. The company’s finance expenses surged by 44.7 percent in the January-March period, primarily due to heightened borrowing expenses resulting from increased interest rates, which rose over 3.5 percent compared to the same period last year. Despite a 7.3 percent year-on-year increase in electronics sales, amounting to Tk 400 crore, Singer’s profitability dwindled. Gross profit saw a modest rise to Tk 101 crore from Tk 99.8 crore, up by 1.7 percent. The company cited rising costs of sales driven by currency devaluation and increased trade goods sales as contributing factors. Moreover, due to the minimum tax provision, Singer allocated Tk 2.41 crore. However, it anticipates a significant decrease in the effective tax rate in subsequent quarters. Losses per share stood at Tk. 0.21 for the January-March period.
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