SINGER Books THB20 Million of Profit after Cutting Down Provisions in 1Q24

Singer Thailand Public Company Limited (SET: SINGER) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
20.17 -843.37
Earning Per Share
0.0200 -1.0300

SINGER reported a net profit at Baht 20 million in 1Q24, a turnaround from a net loss of Baht 843 million in 1Q23. The turnaround was made possible due to a significantly decreased from set aside various reserves; expected credit loss and inventories reserve compared with the same period of previous year.

Total revenue recorded at Baht 620 million in the first quarter, decreased 30% YoY. The decrease was mainly due to lower revenue from sales.

SINGER wrote that cost of sales of goods decreased by Baht 480 million or 81.4% when compared to the same period of last year because during the period, the company had reversal an allowance for the declining value of inventories at Baht 56 million, the remaining Baht 166 million was the cost of goods sold as decreased from the same period last year.

In the first quarter of last year, there was a provision for diminution in the value of inventories at Baht 423 million from management reassessed the estimated amount of net realisable value of inventories and there was an assessment of additional reserves for obsolete products and groups of damaged products.

For the first quarter 2024, the expected credit loss of SINGER decreased by Baht 819 million or 85% due to decrease in the electrical appliance hire purchase loan portfolio The subsidiary had a more stringent lending policy.