SINGAPORE (Oct 30): Sheng Siong Group reported a 9.4% drop in earnings to $17.8 million for the 3Q18 ended September, from $19.7 million a year ago.

This was mainly due to the absence of a tax refund amounting to $2.2 million a year ago. Excluding this, Sheng Siong’s net profit would have increased by 1.5% in 3Q18.

3Q18 revenue rose 8.0% to $227.9 million, from $210.9 million a year ago, mainly due to the opening of 10 new stores since 2017.

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