SG briefs: Singapore Kitchen Equipment

Singapore two-dollar bills

Singapore Kitchen Equipment reported Wednesday its 2021 net profit dropped 47.1 percent on-year to S$510,000, even as revenue climbed 26.1 percent on-year to S$27.77 million, as expenses increased.

“The increase in group’s revenue was primarily due to higher sales generated from fabrication and distribution of kitchen equipment and servicing and maintenance of kitchen equipment, as the food and beverage (F&B) industry gradually recovers from the business disruptions caused Covid-19 pandemic,” the company said in a filing to SGX.

The cost of sales grew 22.8 percent on-year to S$19.10 million on a higher cost of goods sold and higher labour costs, the company said, noting the jobs support payments from the government have also been phased out. Administrative expenses also rose 55.5 percent on-year to S$5.05 million on higher legal, consultancy and special audit fees for an investigation into transactions by Q’son Kitchen Equipment Holdings, the filing said.