Sheng Siong's net profit grows 4.4% to $17.1m in Q1

Thanks to higher yields from new stores.

Supermarket chain giant Sheng Siong posted healthy earnings for the quarter ending in March, with its bottom line expanding by 4% to $17.1m. This was mainly due to higher revenue from new stores.

However, its bottom line would have been higher if not for the lower reported other income and the higher operating expenses. The group's revenue grew 4.1% to $217m, up from $208.5m recorded a year ago.

Sheng Siong noted that comparable same store sale was lower due to lacklustre demand and the footfall declines in stores located in areas affected by the slowdown in the oil and gas industry.

Meanwhile, Sheng Siong's store at Block 506 Tampines was affected by the ongoing renovation. Woodlands store was affected by residents moving out due to the date of closure drawing near. The group reported that it has increased its number of outlets to 43 in the past quarter, up from 39 outlets a year ago.