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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Puma returns to sales growth in Americas despite ‘volatile’ market
Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture
AstraZeneca lifts FTSE 100 to record high
Amazon breaks into Europe 5G networks with Telefonica cloud deal
Nanjing Xinjiekou Department Store announces May 23 EGM; Cordlife seeking legal advice
Olam tops Louis Dreyfus’ offer for Australia’s Namoi Cotton as takeover battle heats up