Sheng Siong rakes in higher earnings for Q1

SUPERMARKET operator Sheng Siong Group has raked in higher earnings for the first quarter.

The mainboard-listed firm reported on Wednesday a first-quarter net profit of S$16.4 million, up 16.8 per cent from the preceding corresponding period, as revenue grew 5.1 per cent year on year to S$208.5 million for the three months ended March 31 this year.

This was on the back of sales from new stores, which was partially offset by a contraction in comparable same-store sales due to tepid Chinese New Year demand, Sheng Siong said in a Singapore Exchange filing.

The group also cited "ongoing renovation in the vicinity of our Loyang store, the fall in liquor sales in our Geylang store and the Woodlands store which was affected by the weaker ringgit" for the contraction in same-store sales.

Excluding the Woodlands store, comparable same-store sales would have registered a marginal growth of 0.1 per cent.

Earnings per share for the quarter was 1.09 Singapore cent, up from 0.94 Singapore cent the previous year.

The counter closed one Singapore cent higher at S$0.89 on Wednesday.