12 Nov '11, 5am

Sheng Siong's profit halves from last year

SINGAPORE - Home-grown supermarket chain operator Sheng Siong reported yesterday its net profit fell by 50.9 per cent on-year to S$6.6 million in the third quarter due to an absence of investment gains. Revenue for the three months ended September fell 9.3 per cent to 146.2 million after the closure of two outlets at Ten Mile Junction and Tanjong Katong, the company said. The earnings announcement is Sheng Siong's first since making its debut on the Singapore Exchange in August. Sheng Siong shares closed down 2.3 per cent to 42 cents after the announcement yesterday. This compares to the 3-per-cent Sheng Siong gained on its first day of trading on Aug 17 from its initial public offering price of 33 Singapore cents. The company is one of investors' favourites, often featuring in the exchange's top 20 volume gainers. The group opened two outlets in Elias Mall and Teck Whye t...

Full article: http://www.todayonline.com/Business/EDC111112-0000057/She...

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