Old Chang Kee reported revenue of $38.52 million for 1HFY2022 ended Sept 30, up $341,000 or 0.9% y-o-y.
This was mainly due to higher delivery and retail sales, partially offset by a decrease from catering sales, says the group on Nov 11.
Profit before tax fell 45.4% y-o-y to $3.79 million for the period. The group’s gross profit margin decreased by 1.7% to 64.3% in 1H2022, mainly due to absence of economies of scale savings from the large-scale catering of packed meals to foreign workers dormitories.
Old Chang Kee reported profit of $2.6 million for the 2HFY2021 ended March.
See: Old Chang Kee reverses from losses to report profit of $2.6 mil for 2H21
Earnings per share stood at 2.77 cents, down from 5.05 cents per share this time last year.
See also: Trump wins Republican nomination, setting up rematch with Biden
The group has declared an interim dividend of 1.0 Singapore cent per ordinary share for the period, with a record date of Dec 3.
As at September 30, the group operated a total of 89 outlets in Singapore, one more from a year ago.
Revenue from retail outlets increased by approximately $7.8 million, or 28.4% y-o-y, mainly due to incremental revenue from new outlets and increase in revenue from existing outlets.
The increase in retail revenue was partially offset by a decrease in revenue from closed outlets.
Revenue from other services, such as delivery and catering services, decreased by approximately $7.4 million y-o-y mainly due to absence of packed meals catering to foreign workers dormitories, partially offset by higher delivery revenue during the current period.
Other income decreased by approximately $511,000 y-o-y to $3.93 million due to lower government grants, mainly the absence of foreign worker levy rebate of about $420,000 and lower property tax rebates offset by higher Job Support Scheme rebates, and additional job growth support scheme income for the current period.
Other expenses increased by $207,000 y-o-y to $716,000 mainly due to the impairment of amount due from the group’s joint venture in the UK of approximately $26,000 and Malaysian associate of approximately $51,000.
For more stories about where the money flows, click here for our Capital section
There was also a higher exchange loss of approximately $178,000 mainly due to exchange rate loss on foreign currency denominated payables to related companies within the group.
The group’s current assets increased by approximately $30,000 to $32.16 million. The decrease in the group’s current and non-current liabilities was mainly due to
As at Sept 30, the group had a positive net working capital of approximately $9.6 million compared to net working capital of approximately $7.5 million as at March 31.
