WILLEMSTAD, Curaçao, Feb. 27, 2017 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF)
Retail Holdings N.V. (the "Company"), reported very strong growth for 2016 at the Company's two principal operating subsidiaries, Singer Bangladesh Limited ("Singer Bangladesh") and Singer (Sri Lanka) PLC ("Singer Sri Lanka").
Singer Bangladesh, announced its 2016 consolidated (local currency) results on February 26. Revenue increased 30% from prior year to Bangladesh Taka 9,007 million. EBITDA and net income for 2016 were Taka 944 million and Taka 546 million, respectively, increases of 42% and 48% as compared to prior year.
Singer Sri Lanka announced its 2016 consolidated (local currency) results on February 24. Revenue increased 21% from prior year to Sri Lanka Rupee 46.9 billion. EBITDA and net income for 2016 were Rupee 5.2 billion and Rupee 2.4 billion, respectively, increases of 57% and 91% as compared to prior year.
Singer India Limited, the Company's other operating subsidiary, uses a March 31 year-end and will report its results later.
Retail Holdings N.V. will report its full consolidated (US Dollar) results for the year ended December 31, 2016 on or about March 29, 2017.
An updated investor presentation for Singer Bangladesh can be found at the Singer Bangladesh website: at https://www.singerbd.com under the tab Corporate, Investor Presentation.
The Singer Sri Lanka 2016 results and an updated investor presentation can be found at the Singer Sri Lanka website: at https://www.singersl.com under the tab Corporate Information, Quarterly Results 2016 and Corporate Information, Investor Presentation.
Commenting on the 2016 Singer Bangladesh and Singer Sri Lanka results, Stephen H. Goodman, the Company's Chairman, President and CEO, noted, "I am pleased by the very strong 2016 performance reported by Singer Bangladesh and by Singer Sri Lanka. These results will contribute directly to the anticipated strong Retail Holdings N.V. performance for 2016, to be disclosed at March 2017 month end.
"The strong results reflect the success of the various initiatives and investments undertaken in both countries during 2015 and 2016 which will benefit performance in 2017 and later years. I thank and commend the management and staff of Singer Bangladesh and Singer Sri Lanka for their continuing contributions."
About Retail Holdings
Retail Holdings N.V. is a holding company with one principal asset: a 54.1% equity interest in Sewko Holdings Limited ("Sewko"), the parent company of Singer Asia Limited, a distributor of consumer durable products through subsidiaries in Bangladesh, India and Sri Lanka, with consumer credit and other financial services available to qualified customers. Retail Holdings N.V. has no operating activities other than those carried out through Sewko/Singer Asia.
Additional financial and other information about Retail Holdings N.V. may be found at the Corporate/Investor section of Retail Holdings' website: www.retailholdings.com. Price quotations for Retail Holding shares are available on the "Pink Sheets" quotation service under the symbol "RHDGF"
For further information, please contact Amy Pappas at (914) 241-3404.
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SOURCE Retail Holdings N.V.