Old Chang Kee back in the black, posts net profit of S$1.4m for Q4

FOOD & beverage chain Old Chang Kee posted a net profit of S$1.4 million for the fourth quarter, a reversal from the net loss of S$2.1 million it recorded in the preceding year.

On a per-share basis, profit stood at 1.13 Singapore cents, a reversal from the loss of 1.73 Singapore cents in the preceding year, the group said in a Singapore Exchange filing on Wednesday evening.

For the three months ended March 31, revenue grew 10.5 per cent to S$21.3 million from the preceding year.

The rise in revenue was mainly due to growth in other income and a fall in other expenses.

For the full year, net profit more than doubled to S$5.1 million; gross revenue grew 9.1 per cent to S$85.5 million and earnings per share increased to 3.32 Singapore cents.

Revenue for the full year increased by approximately S$7.1 million mainly due to revenue contribution from new outlets and an increase in revenue from existing outlets, partially offset by the absence of revenue from closed outlets, the company said.

Net asset value per share was flat at S$0.23 as at March 31, from S$0.23 a year ago.

Old Chang Kee has declared an ordinary (final) cash dividend per ordinary share for FY2018 of 1.5 Singapore cents, unchanged from the preceding financial period.

Its shares ended S$0.01 or 1.3 per cent down at S$0.755 on Wednesday before the announcement.