Jumbo Group, the seafood restaurant chain, posted earnings of $10.6 million for FY2015, in its first set of results since its listing.
In FY2014, the group posted earnings of $11.5 million.
Revenue rose 9.2% to $122.8 million, on the back of higher revenue contributions from its new J Café outlet that was opened in July 2014, and its JPOT outlet at Parkway Parade which was opened in September 2014.
The group also recorded higher revenue contributions from its Jumbo Seafood (Riverside) and Jumbo Seafood Gallery, which saw more customers and higher average spending per customer, as well as the full year contribution from the Jumbo Seafood outlet in Shanghai.
Other operating expenses rose 14.4% to $13.1 million, including a $1 million increase in professional fees from the restructuring exercise and the preparation work for the IPO.
Jumbo says the food and beverage industry is expected to continue to be challenging, but it remains on schedule to open a third Jumbo Seafood restaurant in Shanghai next January.
Its first two Shanghai restaurants are also expected to contribute positively to the group’s results, given a lead time of at least 6 months.
It will also continue to explore opportunities to expand its network of outlets and business, by opening new outlets, and embarking on acquisitions, joint ventures or strategic alliances, it adds.
Jumbo’s shares closed 1.3% lower at 37 cents on Friday.
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In FY2014, the group posted earnings of $11.5 million.
Revenue rose 9.2% to $122.8 million, on the back of higher revenue contributions from its new J Café outlet that was opened in July 2014, and its JPOT outlet at Parkway Parade which was opened in September 2014.
The group also recorded higher revenue contributions from its Jumbo Seafood (Riverside) and Jumbo Seafood Gallery, which saw more customers and higher average spending per customer, as well as the full year contribution from the Jumbo Seafood outlet in Shanghai.
Other operating expenses rose 14.4% to $13.1 million, including a $1 million increase in professional fees from the restructuring exercise and the preparation work for the IPO.
Jumbo says the food and beverage industry is expected to continue to be challenging, but it remains on schedule to open a third Jumbo Seafood restaurant in Shanghai next January.
Its first two Shanghai restaurants are also expected to contribute positively to the group’s results, given a lead time of at least 6 months.
It will also continue to explore opportunities to expand its network of outlets and business, by opening new outlets, and embarking on acquisitions, joint ventures or strategic alliances, it adds.
Jumbo’s shares closed 1.3% lower at 37 cents on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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