Company Briefs: Sheng Siong Q3 profit jumps 54.4%


Sheng Siong Q3 profit jumps 54.4%

Sheng Siong posted a net profit of $31.8 million for its third quarter ended Sept 30, up 54.4 per cent from a year earlier on the back of strong revenue growth. This was partially offset by a less than proportional increase in operating expenses.

Revenue climbed 28.9 per cent to $327.3 million, mainly due to elevated demand from the Covid-19 pandemic as customers continued to buy groceries to cook at home.

The group acknowledged in its business outlook that the relaxation of Covid-19 restrictions might affect demand, which peaked in April/May this year.

New Silkroutes plans independent review

New Silkroutes Group will appoint an independent accounting firm to conduct a review into two deals involving its China subsidiary and the valuation of its stake in a Thai firm. This comes after the company's independent external auditor had included a disclaimer of opinion and an emphasis of matter on its financial statements for the year ended June 30.

The firm has disclosed the Chinese entity in both agreements is Shanghai Minlin New Textile Materials Sales Centre, whose ultimate beneficial owner Lin Jie is an acquaintance of the firm's executive director and substantial shareholder, Mr Shen Yuyun.

Micro-Mechanics Q1 profit up 42.3%

Micro-Mechanics said its net profit rose 42.3 per cent to $4.7 million for its first quarter ended Sept 30, from $3.3 million a year ago. The company, which makes high-precision tools and parts for semiconductor applications, said its bottom line was boosted by a record quarterly revenue, despite facing challenges during the pandemic.

Revenue increased 18.3 per cent year on year to $18.1 million, from $15.3 million previously.

Earnings per share came in at 3.35 cents for the quarter, up from 2.35 cents in the same period last year. THE BUSINESS TIMES

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A version of this article appeared in the print edition of The Straits Times on October 30, 2020, with the headline Company Briefs: Sheng Siong Q3 profit jumps 54.4%. Subscribe