กรุงเทพฯ--9 มิ.ย.--Effective Partners & Associates
Singer celebrates successful performance turnaround after leading business with Blue Ocean strategy and trade-in campaign for all brands, with new hopes of bolstering sales to 4 billion baht
Several new products designated for launch including computer and LCD TV in special campaign package
Singer Thailand Public Company Limited celebrates its success under the concept of “Singer Celebrates Blue Highlight 2008” with impressive performance turnaround in the first quarter of 2008, posting profit of 10.5 million baht. The figure shows an improvement of 206.9 million baht over that of the same quarter in 2007, when the company suffered a loss of 196.5 million baht. Better performance can be attributed to the shift in business focus from motorcycle hire purchase to home electrical appliances and nationwide trade-in campaigns that stimulated demand in the replacement market.
Mr. Daniel Michel Philiponet, Vice Chairman and Managing Director of Singer Thailand Public Company Limited, leading operator of hire-purchase business for home and electrical appliances with excellent reputation in Thailand and around the globe for over 150 years, disclosed that his company had made an important adjustment in the strategy and direction by deciding to stick to its core strength, which is the home electrical appliances instead of motorcycles. “The decision has paid off in substantial performance improvement. The number of motorcycle accounts has reduced to 40,388 accounts at the end of the first quarter of 2008, from 47,283 accounts at the end of the first quarter of last year. The number of motorcycles in stock has gone down to 3,503 units, while collection of installment payment shows improvement of 2.7%,” he said.
As for the performance of Singer Thailand PLC at the end of March 2008, the company posted total sales of 599.4 million baht at the end of March 2008, down 20.6% from 755.3 million baht at the end of March 2007 due to deliberate decline in motorcycle sales, which dropped 76.3%. However, the company enjoyed a net profit of 10.5 million baht as opposed to a loss of 196.5 million baht at the end of the first quarter of 2007. The improved performance was a result of higher sales of home electrical appliances, which jumped 9.1% or 35.7 million baht year on year. Singer Thailand reported a total of 220,904 hire purchase accounts at the end of March 2008, down from 230,957 accounts reported at the end of December 2007.
“Apart from shifting the business direction, Singer also carefully studied the demand of the market in order to come up with the kind of services and products that respond to the actual needs. These new products and services have promoted the sales, driving the quarterly net profit to 10.5 million baht. Among the outstanding services is the trade-in campaign, which allows consumers to trade in their old electrical appliances for new ones which are more efficient in energy saving and newer at discounted prices instead of paying full price,” said Mr. Philiponet, adding that another important step for Singer is to reach the annual sales target of over 10 billion baht like when the company was hitting its peak. However, the short-term goal is to accomplish the 4 billion baht target in the near future.
Boonyong Tansakul, Sales and Marketing Director of Singer Thailand Public Company Limited , disclosed details of the strategy for the remaining half of 2008, saying his company would continue to carry out the strategy that had made it successful in business like the trade-in strategy for all brands of products and the lifetime warranty for Singer refrigerator line-up, both of which had been the key message for the company in the recent public relations and advertising campaigns via television. “Key products for Singer in the recent period include general home electrical appliances such as refrigerator, washing machine and rice cooker, to sewing machine, air-conditioner and multi-purpose oil that Singer has recently intended to revive the market against cheap product imitation,” he explained.
“Products that Singer is very interested in are personal computer and notebook computer. Singer has coordinated with SVOA to launch Singer computers on sale for cash and installment. In addition, 32-inch LCD TV and LCD TV in other sizes will be launched to add variety to the current product line up. These products will be accompanied by special promotional campaigns to stimulate purchasing from target consumers,” he said.
In order to enhance image and modernize the corporate perception, Singer is introducing its newest uniform under the Blue Concept to make the sales network look more professional. Singer is also looking to expand its network of sales staffs from 5,000 people to 10,000 people within 2 years. The company intends to increase the number of quality sales manager from 3 units to 5 units per branch to bolster sales performance.
“In the remaining half of 2008, Singer is preparing to spend 10 million baht to launch the latest TVC to help promote brand awareness. Today is our opportunity to have the official premier of this latest TVC, which focuses on the trade-in campaign and fast home service via 02-234-7171 call center. The TVC will be aired at all free TV channels around the end of this month. Other successful activities such as Singer Caravan will remain in the remainder of the year as it is an effective way of reaching target customers at most parts of the country,” he concluded.
Profile of Singer Thailand PLC
In 1889, Singer Sewing Company of the United States appointed Kiam Hua Heng Company Limited as the distributor of Singer sewing machines in Thailand. Later in 1905, Singer Sewing Company established a branch operation in the Kingdom under the name Singer Sewing Machine Company Limited to distribute imported sewing machines and other related products. The company introduced its easy installment plan to consumers in 1925. This service has become an integral part of Singer’s business in Thailand and many other Asian countries. In 1969, Singer Thailand Company Limited was established as a Thai company to take over the business of Singer Sewing Machine Company Limited. The company began operation with registered capital of 60 million baht. It now has a registered capital of 283.5 million baht of which 270 million baht is paid up. Singer Thailand became a listed company on the Stock Exchange of Thailand (SET) in 1984 and a public company in 1994.
Singer Thailand Public Company Limited is a distributor of sewing machines under the “Singer” trademark, electrical appliances under the Singer and other brand names such as DVD player, television set, home-theatre set, air-conditioner, wine chiller, gas stove, microwave oven, refrigerator, electric iron, water pump, computer and multi-purpose oil.
For more information please contact:
Busakorn Konluk and Cholticha Mahnok
Public Relations Manager
Effective Partners & Associates
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