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Sheng Siong's Q2 profit rises 6.3% on higher sales, better margins

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Higher turnover and improved gross margins gave a lift to results for Sheng Siong in its second quarter.

HIGHER turnover and improved gross margins gave a lift to results for Sheng Siong in its second quarter.

Net profit for the three months ended June 30 grew 6.3 per cent to S$16.1 million from the previous year, the group said in a Singapore Exchange filing on Thursday evening.

Revenue increased 6.8 per cent to S$201.5 million from the year-ago period. The higher revenue was due to contributions from new stores and improved consumer sentiment at existing stores, it said.

Earnings per share crept up to 1.07 Singapore cents from 1.01 Singapore cents in the preceding year.

Net asset value per share rose to 17.13 Singapore cents as at June 30, 2017, from 16.76 Singapore cents six months ago.

A dividend of 1.55 Singapore cents per share was proposed.

Sheng Siong shares finished S$0.045 or 4.5 per cent lower at S$0.95 on Thursday.

sentifi.com

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