SINGAPORE (Apr 29): Since the Disease Outbreak Response System Condition (DORSCON) level was raised to “orange” from “yellow” on Feb 7 this year following heightened cases of Covid-19, supermarkets have been the rare beneficiaries of the situation.

Supermarket operator Sheng Siong Group on April 28 reported historical high earnings. “Extraordinary sales in extraordinary times,” says RHB analyst Juliana Cai in her April 29 report.

For the three months ended March 31 2020, Sheng Siong reported a 48.2% y-o-y jump in earnings to $28.7 million, on the back of a 31% y-o-y growth in revenue to $329 million.

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