Company Briefs: Sheng Siong

Sheng Siong

Supermarket chain Sheng Siong reported that first-quarter net profit was up 16.8 per cent at $16.4 million in a challenging trading period.

Revenue for the three months to March 31 inched up 5.1 per cent to $208.5 million compared with the same period a year ago.

Sheng Siong noted that "tepid Chinese New Year demand, ongoing renovation in the vicinity of our Loyang store, the fall in liquor sales in our Geylang store and the Woodlands store which was affected by the weaker ringgit" had an impact on sales.

Quarterly earnings per share were 1.09 cents, up from 0.94 cent a year ago, while net asset value per share was 17.33 cents as at March 31, up from 16.24 cents a year ago.

Aims AMP Capital Industrial Reit

Aims AMP Capital Industrial Reit announced a distribution per unit of 2.95 cents for its fourth quarter, up from 2.92 cents the same period a year earlier.

Gross revenue for the three months to March 31 increased 0.7 per cent to $30.3 million, while net property income rose 0.3 per cent to $20.4 million, and distribution to unitholders climbed 2.1 per cent to $18.7 million.

The share of results of joint ventures - net of tax - was $10.7 million, up from $3.4 million over the same period a year ago. The trust manager said this included the share of revaluation surplus of $7.1 million, recognised from the revaluation of Optus Centre.

Elektromotive Group

Investment holding firm Elektromotive Group has a sale and purchase agreement to sell its unit Wine and Dine Experience for $10,000.

The privately held firm publishes and sells periodicals and magazines, such as Wine & Dine and the Top Restaurants Guide here.

Ms Swee Mei Lan, a former employee of Elektromotive who holds 11,000 shares in the firm, is buying Wine and Dine and will pay in cash.

The unaudited net asset value of Wine and Dine was $250,000 as at March 31.

The company said yesterday that the sale is in the best interests of its shareholders as "Wine and Dine is loss-making and generating negative cash flows, and would require funding from the company going forward".

It incurred a loss of about $220,000 in the financial year ended March 31. If it were to be wound up, the estimated costs would be about $110,000, much higher than the offer.

A version of this article appeared in the print edition of The Straits Times on April 28, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe