Sheng Siong's Q2 profit up 23.1%, muted outlook

Singapore

SUPERMARKET chain Sheng Siong Group on Thursday said that its net profit for the second quarter ended June 30 jumped 23.1 per cent to S$13.6 million, from S$11.1 million in the year-ago period.

The group's gross margin has improved steadily over the past few quarters, mainly due to lower input costs arising from better buying prices and efficiency gains derived from its central distribution centre at Mandai.