SINGAPORE (Apr 28): Supermarket operator Sheng Siong Group today announced that its 1Q20 earnings have increased by 48.2% to $28.7 million from $19.4 million in 1Q19.

This came on the back of a 30.7% increase in revenue to $328.7 million from $251.4 million a year ago, on the back of higher Chinese New Year sales and elevated demand amid the Covid-19 measures in Singapore.

The first quarter started with better Chinese New Year sales compared to 2019 because of recovering consumers’ sentiments and the low base effect in 2019. Shortly after the end of Chinese New Year, on Feb 7 the Singapore Government changed Covid-19’s DORSCON level to Orange from Yellow and this triggered the first round of elevated demand. Since then demand has been elevated as more people are eating at home and probably, loading up their pantry as well.

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