Sheng Siong Group rings in higher profit, sales in Q4

Supermarket operator Sheng Siong Group has ringed in higher earnings in the fourth quarter.

Net profit for the three months to Dec 31 climbed by 16.7 per cent to $9.3 million as revenue rose by 5.9 per cent to $170.4 million.

Full year net profit, however, fell by 6.6 per cent to $38.9 million despite revenue rising 7.9 per cent to $687.4 million.

Excluding a one-time gain of $10.5 million from the sale of warehouse and a provision of $1.6 million for prior year's tax in 2012, net profit for 2013 would have been 18.6 per cent higher.

Revenue increased by a net 7.9 per cent, of which 9.9 per cent was contributed by the 11 new stores that were opened in 2011 and 2012.

This was offset by comparable same store sales which declined by 2 per cent, attributable mainly to stores at Bedok Central and the Verge that were affected by construction work in the vicinity.

If these stores were excluded, comparable same store sales were marginally flat.

Fourth quarter earnings per share firmed to 0.67 cent from 0.58 cent previously while net asset value per share slipped by 0.13 cent to 10.83 cents.

A final dividend of 1.4 cents a share was proposed, down from 1.75 cents for 2012.

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