Sheng Siong rings in 49.9% rise in Q1 profit
Singapore
SUPERMARKET operator Sheng Siong posted a net profit of S$29 million for its first quarter ended March 31, up 49.9 per cent from a year earlier on the back of stronger revenue, better gross margin, higher other income and a less-than-proportional increase in operating expenses relative to the rise in revenue.
Revenue climbed 30.7 per cent to S$328.7 million, mostly due to the impact of Covid-19 and better-than-expected Chinese New Year sales.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand
Pfizer lifts 2024 profit view on cost cuts, higher Covid vaccine demand
Shell exits China power market businesses