Singapore

SHENG Siong Group on Thursday posted an 18.7 per cent growth in net profit for its fiscal third quarter on the back of new-store sales and higher operating margins.

Net profit in the three months ended September rose to $14.5 million, or 0.96 Singapore cent per share, as revenue increased by 7.3 per cent to S$200 million. Five new stores that opened during 2014 and 2015 contributed 6.2 percentage points to revenue growth, outpacing the 1.1 percentage point growth contribution from same-store sales.