Sheng Siong's Q1 profit falls by 37.6%
Supermarket chain Sheng Siong reported a 37.6 per cent drop in its first quarterly net profit to $10.5 million.
This was mainly due to the absence of the one time gain arising from the sale of an old warehouse at 3000 Marsiling Road, that was included in the first quarter profit figures last year.
The sale of the warehouse netted a gain of $10.5 million for the company which was reflected in the first quarter results last year.
In an announcement to the Singapore Exchange, Sheng Siong said its net profit from its core operation would have risen 31.3 per cent from $8 million in the first quarter last year to the $10.5 million in the same period this year.