Singapore supermarket operator Sheng Siong reports profit boost

Singapore supermarket operator Sheng Siong boosted its net profit by 7.4 percent in the June quarter, to S$18.42 million.

Sales rose 11.8 percent to $238.16 million on the back of 13 new store openings.

However, the company has warned investors that competition in the Singapore supermarket sector is tough, from both online retailers and rival supermarket chains. Worse, consumer spending may be impacted by a soft economic outlook.

In the half-year to date, Sheng Siong recorded a 6.6 percent increase in net profit to $37.78 million, on sales up 11 percent to $489.59 million.