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Sheng Siong Q1 profit climbs 11.3% YOY

Sheng Siong Group Ltd. said its first-quarter normalized net income amounted to S$10.2 million, a rise of 11.3% from S$9.1 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 5.1% from 4.8% in the year-earlier period.

Total revenue rose on an annual basis to S$198.4 million from S$189.7 million, and total operating expenses increased on an annual basis to S$182.4 million from S$175.3 million.

Reported net income grew 12.2% from the prior-year period to S$14.1 million, or 1 cents per share, from S$12.5 million, or 1 cents per share.

As of April 23, US$1 was equivalent to S$1.35.