CURRY puff maker Old Chang Kee on Monday (Nov 14) posted net profit of S$2.6 million for the six months ended September, down 22 per cent from S$3.4 million in the previous year.

The decline was mainly due to the absence of Job Support Scheme grants in H1 FY2023, which contributed to a S$3.4 million drop in other income to S$0.6 million.

H1 revenue grew 13.3 per cent to S$43.7 million, from S$38.5 million in the year-ago period, mainly due to higher retail, delivery and catering sales amid the reopening of Singapore’s economy.

Revenue from retail outlets increased by S$4.4 million or 12.4 per cent, mainly owing to incremental revenue from outlets that were temporarily closed in the prior period due to Covid-19, as well as higher revenue from existing outlets.

Revenue from other services, such as delivery and catering services, grew by S$0.8 million.

As at end-September, Old Chang Kee operated a total of 80 outlets in Singapore, down from 89 in the previous year.

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The group said the reduction in the number of outlets was partly due to infrastructural developments at various locations, which necessitated the closure of these outlets. It added that it continues to look for opportunities to increase the number of outlets at key transport nodes.

Noting increased inflationary pressures, the group said it will continue with efforts to reduce operating costs, improve gross margins and rationalise operations to overcome manpower shortages.

The group has declared an interim dividend of S$0.01 per share for the period, payable on Dec 19.

Shares of Old Chang Kee closed flat at S$0.61 on Monday, before the announcement.