In an interview earlier on in the year, I talked about Old Chang Kee as being a very rewarding investment for me. I also mentioned how a 5c dividend which went XD in January was a pleasant surprise.
Well, Old Chang Kee announced a final dividend of 1.5c for FY2013. This is nice although I will be receiving half of what I would usually receive in absolute amount since I divested half of my investment in the company earlier on in the year.
Amidst rather more difficult business conditions, Old Chang Kee's management has shown a high level of business savvy as they improved production efficiency, closed non-profitable outlets and revised prices last December. As of March 2013, it had a total of 76 outlets in Singapore which is 6 outlets lesser than a year ago.
Net profit improved from $4.51m to $4.98m and EPS improved from 4.75c to 4.......