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Straits Times
6 days ago
- Business
- Straits Times
Tung Lok second-half profit falls 52.1% amid F&B industry woes
For the full year, Tung Lok sank into the red with a net loss of $1.8 million. PHOTO: LIANHE ZAOBAO FILE SINGAPORE - Tung Lok Restaurants on May 30 posted net profit of $853,000 for its second half ended March, a 52.1 per cent decline from $1.8 million in the year-ago period. This translated to earnings per share of 0.31 cent, a 52.3 per cent fall from 0.65 cent previously. Revenue for the second half was down 8 per cent on the year at $43.6 million, from $47.4 million, amid lower contributions from its catering business and existing outlets as well as the absence of revenue from three outlets. However, this was partly offset by higher revenue from a new outlet that opened in the second half of financial year 2025. For the full year, Tung Lok sank into the red with a net loss of $1.8 million, compared with a $2 million net profit previously. It recorded a loss per share of 0.65 cent, versus 0.75 cent earnings per share previously. The full-year losses came amid a net loss for its first half alongside food and beverage (F&B) industry woes, as the group said it faced headwinds from a subdued economic outlook and softer consumer sentiment. Full-year revenue dropped 8.7 per cent on the year to $82.1 million, from $90 million, driven by lower contributions from its catering business, lower contributions from existing outlets and the loss of revenue contributions from five outlets. No dividend was declared for the financial year. Tung Lok's shares were unchanged at 8.5 cents as at 10.28am on June 2, after the announcement. THE BUSINESS TIMES Check out ST's Food Guide for the latest foodie recommendations in Singapore.
Straits Times
30-05-2025
- Business
- Straits Times
Penang to start using durian tracking system to curb fraud, report says
The system involves tagging the durians with a QR code that, once scanned, allows each fruit to be traced back to its farm. PHOTO: THE BUSINESS TIMES Penang to start using durian tracking system to curb fraud, report says KUALA LUMPUR – Malaysia's state of Penang has urged its durian growers to register for a tracking system to curb the spread of counterfeit versions of the prickly, pungent fruit from June 1, according to national news agency Bernama. The state plans to make the 'Track and Trace' system mandatory for its 200 durian farmers as it seeks to restore consumer confidence in the fruit, State Agrotechnology, Food Security and Cooperative Development Committee's Fahmi Zainol was cited as saying. About 60 growers have committed to using the system, which involves tagging the durians with a QR code that, once scanned, allows each fruit to be traced back to its farm, he said. The plan came about after local growers complained about the misuse and misrepresentation of Penang durians, he added. The fruit, with its creamy-like flesh and powerful aroma, is popular in Malaysia and much of South-east Asia. Malaysia exports durians to countries including China, and expects outbound shipments to rise to RM1.8 billion (S$547.5 million) by 2030, according to a 2024 Bernama article. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
08-05-2025
- Business
- Straits Times
Great Eastern posts 13% rise in Q1 profit to $345.5 million
Great Eastern said new business embedded value grew 19 per cent year on year to $148.8 million. PHOTO: ST FILE SINGAPORE - Great Eastern on May 8 reported a 13 per cent year-on-year increase in profit to $345.5 million for the first quarter ended March, versus $306.7 million previously. This was driven by higher profit from the insurance business as well as favourable investment performance in the group's shareholders' fund, said the insurance arm of OCBC. Profit from the insurance business stood at $246.8 million, up 4 per cent year on year from $236.3 million. This was largely due to a higher release in risk adjustment and improved operating variance from the individual life business. The life insurance company noted, however, that this was partly offset by a higher loss component arising from new strain from yearly renewable medical insurance business in both Singapore and Malaysia. Profit from shareholders' fund rose 40 per cent year on year to $98.7 million in Q1 from $70.4 million previously, which was mainly attributed to higher interest income and mark-to-market gains from bonds. The group's total weighted new sales for the quarter declined 34 per cent to $345.1 million against the same period the prior year, which recorded $524.2 million, mainly due to lower single premium sales following the shift towards regular premium sales. Meanwhile, new business embedded value for Q1 grew 19 per cent year on year to $148.8 million from $125.5 million, mainly due to a focus on propositions which enhanced the group's product sales mix. 'In Singapore, we had increased purchases of protection, legacy propositions and Regular Premium Investment-Linked plans as we moved away from short-term single premium endowment plans. In Malaysia, our performance remained resilient with greater contributions from legacy and wealth accumulation solutions,' said Greg Hingston, group chief executive. He stressed that the group's focus remains on strengthening their business and distribution model, supported by data-driven targeted propositions to meet the needs of customers, amid a challenging business climate and increasing volatility in the global landscape. Shares of Great Eastern closed flat on May 7 at $25.80. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
07-05-2025
- Entertainment
- Business Times
Brew like a barista with BT Club
COFFEE lovers, have you ever wondered what the secret is to the perfect cuppa? BT Club invites you to discover it at our upcoming pour-over masterclass – The Art of Coffee: One Pour at a Time. Taking place on Saturday (May 24), the hands-on two-hour workshop led by expert baristas from Cheerful Goat will unveil the art and science behind unlocking the full spectrum of flavours hidden within every coffee bean. Unlike the bold intensity of a French press or the convenience of automatic drip machines, the pour-over method produces a lighter, cleaner brew that beautifully reveals the unique character of each coffee bean. You will learn how precise control over every aspect of brewing – such as water temperature, pouring speed, and extraction time – can result in a clean, vibrant cup that highlights the subtle and nuanced notes of specialty coffee. Master the art of slow, intentional brewing and get ready to savour a coffee with a more complex flavour profile than many other brewing styles. Whether you are new to brewing or seeking to refine your skills, this masterclass promises to deepen your appreciation for specialty coffee and elevate your home brewing routine. The masterclass includes a tasting session where participants will get to try Cheerful Goat's signature drinks including its new coffee cocktails. PHOTO: THE BUSINESS TIMES The experience doesn't end there. Attendees will also enjoy a complimentary tasting session of drinks from Cheerful Goat's menu, including its signature Yoghurt Coffee, as well as new alcoholic coffee cocktails – a delightful fusion of coffee culture and mixology. Cheerful Goat is a homegrown coffee speciality brand best known for its range of accessories, pocket coffee granules and award-winning barista Leo Li. It boasts a showroom in Woodlands where its entire range of products is for sale, and a hip downtown cafe at Waterloo Street where the BT Club masterclass is set to take place. Sign up now and embrace the ritualistic nature of pour-over brewing, which adds a meditative and engaging dimension to your coffee experience. All participants will also receive a goodie bag from BT Club and Cheerful Goat.
Straits Times
29-04-2025
- Business
- Straits Times
Sheng Siong Q1 net profit up 6.1% to $38.5 million on stronger sales
The improved performance came despite operating costs rising 12.4 per cent to $81.6 million. ST PHOTO: GAVIN FOO SINGAPORE - Supermarket operator Sheng Siong recorded a 6.1 per cent increase in net profit to $38.5 million for the first quarter ended Mar 31, from $36.3 million the year before. Revenue grew 7.1 per cent to $403 million, from $376.2 million in the corresponding period in 2024. This was thanks to contributions from eight new stores opening in the quarter and FY2024, as well as higher festive sales during Hari Raya in March, said the company in a business update on April 29. Gross profit consequently rose to $122 million in Q1, a 10.2 per cent increase from the $110.7 million posted the year prior. Earnings per share stood at $0.0257, up 6.2 per cent from $0.0242 in the year-ago period. The improved performance came despite operating costs rising 12.4 per cent to $81.6 million. This was mainly due to an 8.8 per cent year-on-year increase in administrative expenses to $15.8 million, and a 13.3 per cent rise in selling and distribution expenses to $65.8 million. Sheng Siong attributed these to higher staff costs from higher variable bonuses, which was in turn from a better financial performance, enhanced employment benefits and more employees hired for the new stores. Cash flow from operating activities fell by $10.1 million, from more payments being made to banks and vendors during the quarter. Still, cash flow generated in the quarter rose by 3.8 per cent from the year before to $366.9 million. Sheng Siong chief executive officer Lim Hock Chee predicts continued macroeconomic uncertainty amid geopolitical tensions. 'Under this unpredictable environment, consumers will remain cautious and continue to prefer value-driven supermarkets and affordable house brand products,' he said. 'Government support measures, including various vouchers and financial subsidies, will help to maintain consumer spending momentum and benefit supermarket sales.' Mr Lim cited the attracting and retaining of qualified staff, increased investment costs and enhanced regulatory reporting as likely challenges that will strain the business margins of the retail industry. 'To navigate the complex environment, the group will continue to examine and expand its supply chain, refine the sales mix and focus on its core competence to optimise operational efficiency and productivity,' he said. 'Despite the external challenges, we remain confident in our ability to grow and strengthen our presence in the years ahead.' For instance, six additional retail locations have been secured and are expected to open by the third quarter of this year. The group is awaiting the results of another four tenders. 'We continue to monitor suitable opportunities to expand our network and which align with our long-term strategy,' said Mr Lim. Sheng Siong stocks closed at $1.74 on April 29, down 0.6 per cent or $0.01, before the news. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
