Tung Lok’s revenue and cost of sales stayed relatively stable, increasing by 9.0% and 13.2% respectively to $42.6 million and $12.6 million for 1HFY2024.
Similarly, the company’s gross profit saw a slight increase of 7.3% to $30.0 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 $412,000 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.
See also: MAS net profit rises to $19.7 bil in FY2024/25 with investment gains more than doubling y-o-y
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.
