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Old Chang Kee’s profit lifts on more stores and UK foray

Singapore snack foods and beverages retailer Old Chang Kee has increased sales and profits, buoyed by new stores and a clampdown on expenses.

The group reported a 3.8 per cent increase in sales to $23.1 million in the December quarter, an improvement of $850,000 on the previous year.

Revenue from retail outlets increased by $613,000 or 2.8 per cent, mainly due to contributions from new outlets and an increase in sales at existing outlets, partially offset by the absence of revenue from outlets closed permanently, or temporarily to allow for renovations.

Revenue from the group’s other services, such as export sales, events, delivery and catering services, increased by $237,000 or 66.2 per cent from $358,000 to $595,000, mainly due to export sales to the group’s new joint venture in the UK and increased events and delivery sales.

The cost of sales decreased by 6.1 per cent mainly due to improved food-cost management,

partially offset by an increase in manpower costs.

Old Chang Kee’s pre-tax profit increased by about 30.6 per cent, or $420,000, to $1.8 million during the quarter.

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