Old Chang Kee's earnings up 24.6% at SG$1.5m in Q3

In contrast, they tallied a smaller outlet count in Singapore at the end of 2018.

Citing higher revenue and lower cost of sales, Old Chang Kee's earnings in Q3 were up 24.6% at SG$1.5 million, the company said in an announcement.

Revenue for the quarter grew by 3.8% to SG$23.1 million from $22.2 million in the same period last year, attributed to 2.8% higher revenue from retail outlets, with an increase in contributions from existing outlets as well as revenue from new outlets.

At the end of 2018 however, Old Chang Kee operated a total of 88 outlets in Singapore as opposed to 92 outlets the year prior.

Revenue from other services such as export sales, events, delivery and catering services were up by 66.2% due to export sales to the group’s joint venture the UK, apart from higher events and delivery sales.

Cost of sales, meanwhile, dropped by 6.1% to SG$8.3 million due to improved food cost management but was partially offset by higher manpower costs.

Overall, gross profit margin rose to 64.1% in Q3 from 60.4% last year.