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Old Chang Kee revenue still rising

F&B chain Old Chang Kee shows it still has plenty of puff with growing sales during its second quarter to the end of September.

Group revenue increased by 5.9 per cent to about S$21.4 million (US$15.7 million) for the period, while revenue from retail outlets grew by about $1.3 million, or 6.4 per cent, with the contribution from new outlets partially offset by closures.

At the end of the period, the group had 87 outlets in Singapore, down two from the same time past year.

Old Chang Kee’s signature puff products were still the major contributor to its revenue, accounting for about 29.6 per cent of sales, down from about 33.4 per cent year on year.

Meanwhile, the group’s gross profit eased by 0.5 per cent, or about $62,000. The gross profit margin was 60.1 per cent, down from 63.9 per cent. This was mainly attributed to higher raw-material costs and one-time factory test-runs for new equipment.

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