Sheng Siong Q2 profit up 30.3%

SHENG Siong Group Ltd yesterday posted a 30.3 per cent rise in net profit for the fiscal second quarter ended June 30, on higher profit margin.

With a 7.4 per cent increase in turnover to S$171.56 million, gross profit rose 14.3 per cent to S$42.32 million. Net profit rose to S$11.07 million, or 0.80 cents per share.

A 1.5 cent per share interim dividend, payable on Aug 29, has been declared. The homegrown supermarket chain said although competition remained strong, selling prices were stable, but with a slight downward bias. Input prices continue to improve mainly because of savings derived from the Mandai Distribution Centre.