SINGER Reports Another Quarterly-Record High in Earnings, Booking ฿140Mn in 1Q21
A significant increase of revenue by 33% and a lower expected credit loss by 100% resulted in another quarterly record high of earnings for SINGER.
Singer Thailand Public Company Limited (SINGER) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
SINGER reported a net profit of 140 million baht in 1Q21, increased 61.25% from a net profit of 86.89 million baht in 1Q20, making a quarterly record high again.
The increase was mainly due to its higher total revenue for the quarter at 1,002 million baht, increased 32.9% from 754 million baht in 1Q20, which was mainly from sales of goods and interest income from hire-purchase contract and loans.
For 1Q21, expected credit loss of SINGER decreased by 20 million baht or 100% when compared with the same quarter of the previous year, resulting from an improvement indebt management. As a result, SINGER recognized expected credit loss of 5.1 million baht and a bad debt recovery of 4.8 million baht, while the same period of the previous year, expected credit loss of 71.5 million baht with a bad debt recovery and sale of NPL of 51.4 million baht.