The Group’s gross profit margin increased by 1.0% y-o-y to 65.3% in 1HFY2023, mainly due to lower production staff salaries as a percentage of revenue due to improved cost management, and improved food cost margin as a result of retail price adjustment, offset by higher utility expenses during the period, says Old Chang Kee.
Old Chang Kee has reported 13.3% y-o-y higher revenue of $43.66 million for 1HFY2023 ended September. Cost of sales, too, grew 10.3% y-o-y to $15.16 million.
Profit after tax, however, fell 22.0% y-o-y to $2.62 million.
