Sheng Siong Group, the operator or “wet and dry’ supermarkets, reported a net profit of $6.6 million for the three months ended 30 September 2011 (3QFY2011), down 50.9% year-on-year as revenue fell 9.3% to $146.2 million.
Sheng Siong says this was due to the closure of two outlets -- Ten Mile Junction in November 2010 and Tanjong Katong in September 2011. Both outlets were closed as the buildings they occupied were sold for re-development.
However, the group opened two new, but smaller, outlets -- Elias Mall in January 2011 and Teck Whye in May 2011 and is scheduled to open another two in Woodlands Industrial Park and Thomson Imperial Court by the end of the year. As a result, the group will have 25 outlets with a total retail space of approximately 348,000 sq. ft. by the end of 2011, from 22 at the end of 2010.
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