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Tung Lok Restaurants swings to loss in fiscal H2

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According to Market Intelligence, February 2023

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Tung Lok Restaurants swings to loss in fiscal H2

Tung Lok Restaurants (2000) Ltd. said its normalized net income for the fiscal second half ended March 31 came to a loss of S$339,410, compared with income of S$327,590 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue grew 8.6% on an annual basis to S$46.1 million from S$42.5 million, and total operating expenses increased on an annual basis to S$47.0 million from S$45.1 million.

Reported net income came to S$2.0 million, or 1 cents per share, compared to a loss of S$3.4 million, or a loss of 2 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled S$945,290, compared with a loss of S$-1.4 million in the prior year.

Full-year total revenue grew 9.1% on an annual basis to S$85.0 million from S$77.9 million, and total operating expenses grew year over year to S$89.1 million from S$84.9 million.

The company said reported net income came to S$574,170, or 0 cents per share, in the full year, compared with a loss of S$6.8 million, or a loss of 4 cents per share, the prior year.

As of July 13, US$1 was equivalent to S$1.36.