SINGER Shows Signs of Gradual Recovery with Net Gains in 4Q23 from Earlier Losses

Singer Thailand Public Company Limited (SET: SINGER) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

SINGER reported a net loss of Baht 3,209 million in 2023, pressured by earlier losses in the first and second quarter of this year due to high provision.

For the three-month period ended 31 December 2023, SINGER had a net profit at Baht 17 million as increased from the 2nd quarter and the 3rd quarter, with the reduction from expected credit losses and provision on declining in the selling price of second-hand inventories and inventories obsolescence provision. This reflects that the company fully set aside various reserves in the 2nd quarter. As a result, in the 3rd and 4th quarter, the operating results were returned to profit from normal operation.  

For the year ended 31 December 2023, total revenue of the group company had decreased by Baht 2,166 million or 41.6%. For the year ended 31 December 2023, revenue from sales of goods of the group company decreased by Baht 1,953 million or 72.0% respectively, from sales reduction in electrical appliance’s product, decrease in number of franchise sales employee, and the subsidiary has changed its credit lending policy to be more stringent to control debt quality. Meanwhile, the company had income from hire purchase sales decreased at Baht 2,124 million, or 85.1%, when compared to the same period of last year. 

The Board of Directors have approved to omit the dividend payment for the operation in 2023.