Tung Lok posts 6.4% rise in full-year net profit

TUNG Lok Restaurants Wednesday posted a 6.4 per cent rise in net profit for the full year ended March 31, 2016 to S$611,000, up from S$574,000 a year ago.

Revenue rose marginally by 1.3 per cent from nearly S$85 million to S$86 million, due mainly to higher revenue contribution from two rebranded outlets and a newly opened outlet during FY16.

Earnings per share slipped 0.01 Singapore cent to 0.22 Singapore cents.

No dividend has been declared for the full year.

Tung Lok said: "Business conditions are expected to remain challenging in the next 12 months due to economic outlook uncertainty, stiff competition as well as rising business and manpower costs."

The restaurant group added that it will seek to further enhance productivity, capitalise on relevant government incentives and explore additional ways to streamline operations as well as reinvent restaurant concepts to remain competitive.