Coffee chain Kimly reported a net profit of $17.53m net profit for the first half of its financial year 2024 ending 31 March, down 6.1% from a year ago.
However, revenue was also affected by a decrease in contribution following the termination of management agreements of four coffee shops and the closure of another in FY23 and H124, respectively. This increase was offset by a decline in contribution from existing food stalls/outlets, a decrease in revenue contribution from the closure of six underperforming food stalls during FY23 and an additional three food stalls closure during H124 and the completion of the disposal of the Confectionary Business in December 2022, the company noted.
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