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Tung Lok's full-year net profit down 30.9%

TUNG Lok Restaurants on Monday evening posted a 30.9 per cent dip in net profit for the full year ended March 31, 2017 (FY2017), dragged down by a fall in revenue.

Revenue decreased 1.2 per cent to S$85.1 million as a result of poorer restaurant sales and loss of revenue from two outlets that were closed during FY2016. This was partially offset by revenue contribution from a new outlet opened during FY2017 as well as a rise in revenue from catering sales.

Gross profit margin declined 0.3 percentage points to 71.9 per cent due to higher raw material costs. Meanwhile, other operating income was down by S$0.5 million due to lower grants received from various government schemes.

Earnings per share slid to 0.15 Singapore cent from 0.22 Singapore cent. No dividend was declared, as was the case for FY2016 and FY2015.

Tung Lok's shares last traded at S$0.115 on May 12, 2017.

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