Old Chang Kee reports full year profit fell 35 percent

Old Chang Kee outlet at Suntec mallOld Chang Kee outlet at Suntec mall

Iconic Singapore curry puff purveyor Old Chang Kee reported Monday its profit for the fiscal year fell 35 percent on-year to S$5.68 million as some outlets posted losses.

“Our retail revenues remain below pre Covid-19 levels as at to date, resulting in operational losses for some of our retail outlets, especially in the central business district and tourist sites. The group will continue to review if there is a need to provide for further impairment to our assets, depending on how Covid-19 pans out in the months ahead,” Old Chang Kee said.

Revenue for the 12 months ended 31 March edged up 2.9 percent on-year to S$77.49 million, the curry puff maker said in a filing to SGX.

The revenue increase was on higher contributions from retail outlets and delivery revenue, partly offset by lower catering revenue due to the absence of catering packed meals to foreign workers’ dormitories over the April-to-September 2021 period, Old Chang Kee said.

The gross margin fell by 1.3 percentage points to 64.3 percent in the year, mainly on higher food cost from the absence of savings from economies of scale which were achieved in the large-scale catering of packed meals to workers’ dormitories, the curry puff maker said.

Other income also fell by around S$1.2 million during the year on lower government grants and rebates, the filing said.

Old Chang Kee declared a dividend of 1.0 Singapore cent a share, unchanged on-year.