Tung Lok earnings down 73.8% to $267,000 for 1HFY2024

The decrease in earnings was largely due to increments in finance costs and other administrative and operating expenses.

Tung Lok Restaurants 540 has announced earnings of $267,000 for the six months ended Sept 30, down 73.8% compared to its earnings of $1.02 million in 1HFY2023.

Earnings per share for 1HFY2024 came in at 0.1 cents, also down 73.0% compared to 0.37 cents for the corresponding period last year.

Tung Lok’s revenue and cost of sales stayed relatively stable, increasing by 9.0% and 13.2% respectively to $42.6 million and $39.1 million for 1HFY2024.

Similarly, the company’s gross profit saw a slight increase of 7.3% to $29.9 million, with its gross profit margin slipping by 1.1 percentage points to 70.5% for the period.

However, Tung Lok’s finance costs increased by 48.7% to $412 million for the period, due mainly to the increase in interest expenses which were driven by higher lease liabilities in 1HY2024.

Administrative and other operating expenses were also up by 9.8% and 13.3% to $16.0 million and $14.3 million, respectively.

Tung Lok’s Cash and bank balances as at Sept 30 stood at $11.7 million.

Shares in Tung Lok closed flat at 13.2 cents on Nov 6.

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