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.