Old Chang Kee profit rises 21% to $6m

OLD Chang Kee yesterday reported a 20.8 per cent rise in net profit to $6.02 million for the fiscal year ended March 31.

The local snack chain said that turnover increased 5 per cent year on year to $68.89 million, while gross profit margin increased to 62.2 per cent from 61.4 per cent, on improved efficiency of production staff and a revision of selling prices in December 2012.

Revenue from the retail division rose 5.9 per cent to $67.8 million, attributable to contributions from new outlets and higher receipts from existing outlets, offset by the closure of outlets.