30-05-2019, 06:36 PM
Old Chang Kee posts 14.6% increase in FY19 earnings to $4.3 mil on higher revenue; declares 1.5 cents final dividend
By: Samantha Chiew
30/05/19, 05:41 pm
SINGAPORE (May 30): Old Chang Kee announced that its FY19 earnings have increased by 14.6% to $4.3 million, compared to $3.8 million in FY18.
This came on the back of a 5.0% increase in revenue to $89.8 million from $85.5 million in the previous year.
Revenue from retail outlets increased by 4.2% y-o-y mainly due to revenue contribution from new outlets and an increase in revenue from existing outlets, partially offset by absence of revenue from closed outlets and outlets temporarily closed for renovations.
As at Mar 31, the group operated a total of 86 outlets in Singapore, as compared to 90 outlets in the same period a year ago.
As cost of sales decreased by 3.0% y-o-y to $32.3 million, FY19 gross profit came in at $57.5 million, 10.1% higher than $52.2 million in FY18.
Share of results of joint venture widened to $301,000 from $76,000 due to its first flagship outlet in London’s Covent Garden.
As at end-March, Old Chang Kee’s cash and cash equivalents stood at $15.4 million.
The group has declared a final dividend of 1.5 cents per share.
Old Chang Kee says its first London flagship has generated positive reviews although it still faces high overheads and manpower costs.
Therefore, the group says that it will continue to fine-tune its product offerings to adapt to the UK market, and to manage its manpower and food costs more effectively, as it becomes more familiar with the UK retail market.
More details in https://www.theedgesingapore.com/old-cha...ents-final
Old Chang Kee today closed at S$0.78.
See also https://links.sgx.com/FileOpen/Full%20Yr...eID=561661
By: Samantha Chiew
30/05/19, 05:41 pm
SINGAPORE (May 30): Old Chang Kee announced that its FY19 earnings have increased by 14.6% to $4.3 million, compared to $3.8 million in FY18.
This came on the back of a 5.0% increase in revenue to $89.8 million from $85.5 million in the previous year.
Revenue from retail outlets increased by 4.2% y-o-y mainly due to revenue contribution from new outlets and an increase in revenue from existing outlets, partially offset by absence of revenue from closed outlets and outlets temporarily closed for renovations.
As at Mar 31, the group operated a total of 86 outlets in Singapore, as compared to 90 outlets in the same period a year ago.
As cost of sales decreased by 3.0% y-o-y to $32.3 million, FY19 gross profit came in at $57.5 million, 10.1% higher than $52.2 million in FY18.
Share of results of joint venture widened to $301,000 from $76,000 due to its first flagship outlet in London’s Covent Garden.
As at end-March, Old Chang Kee’s cash and cash equivalents stood at $15.4 million.
The group has declared a final dividend of 1.5 cents per share.
Old Chang Kee says its first London flagship has generated positive reviews although it still faces high overheads and manpower costs.
Therefore, the group says that it will continue to fine-tune its product offerings to adapt to the UK market, and to manage its manpower and food costs more effectively, as it becomes more familiar with the UK retail market.
More details in https://www.theedgesingapore.com/old-cha...ents-final
Old Chang Kee today closed at S$0.78.
See also https://links.sgx.com/FileOpen/Full%20Yr...eID=561661
Specuvestor: Asset - Business - Structure.