Sheng Siong records $14.5 million Q3 net profit

Sheng Siong Group reported a net profit of S$14.5 million in the quarter ended Sept 30.
Sheng Siong Group reported a net profit of S$14.5 million in the quarter ended Sept 30.PHOTO: ST FILE

SINGAPORE - Supermarket chain Sheng Siong Group reported a net profit of S$14.5 million in the quarter ended Sept 30, an 18.7 per cent year-on-year rise, following higher revenue and tight control over expenses.

Five new stores added 6.2 per cent to the overall revenue increase of 7.3 per cent while the rest 1.1 per cent was contributed by same stores sales from the old stores.

Lacklustre retail sales in Singapore and tepid demand as well as a weakened Malaysian ringgit led to the fall in same store sales, the company said in a release on Thursday.

However, these were offset by healthy growth in some of the other stores, which were either opened in 2011 and 2012, or renovated in the last three years, the company said.

"We will stay focused on expanding our retail network across Singapore," group chief executive officer Mr Lim Hock Chee said. "Nurturing the growth of the new stores remains one of our key priorities as well."