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Tung Lok Restaurants posts 31% decline in FY17 earnings to $0.4 mil

Michelle Zhu
Michelle Zhu5/22/2017 6:25 PM GMT+08  • 2 min read
Tung Lok Restaurants posts 31% decline in FY17 earnings to $0.4 mil
SINGAPORE (May 22): Tung Lok Restaurants (2000) has declared $0.42 million in earnings for FY17, down 30.9% from the $0.61 million posted in the previous financial year mainly due to lower revenue and reduced income tax credits.   
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SINGAPORE (May 22): Tung Lok Restaurants (2000) has declared $0.42 million in earnings for FY17, down 30.9% from the $0.61 million posted in the previous financial year mainly due to lower revenue and reduced income tax credits.

Revenue fell 1.2% to $85.1 million from $86.1 million a year ago, attributable to loss of contributions from two closed restaurant outlets as well as overall lower restaurant sales.

Over FY17, the group registered income tax benefits of $170,000 in FY17 mainly due to tax benefits of $235,000 from the Productivity and Innovation Credit (PIC) scheme – compared to income tax benefits of $682,000 in FY16 which arose from deferred tax credits and tax benefits recognised from the PIC scheme.

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