SINGAPORE (Oct 23): Supermarket retailer Sheng Siong Group beat expectations with its third quarter results, with sales growth driven by new stores and strong earnings due in part to government grants for productivity improvement.

Other market factors have helped the firm’s reporting, CIMB notes.

“Management has always maintained that it is able to consistently keep [operating expenditure] in check; it has not disappointed and the company continues to benefit from lower utilities due to lower oil prices,” the brokerage notes.

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