Seafood restaurant operator Jumbo Group posted a 48.7% rise in 2Q earnings to $5.8 million from $3.9 million a year ago.
The jump was mainly due to co-operative ventures and a subsidiary being fully owned by the company after the restructuring exercise undertaken in connection with the IPO and a general increase in net profit.
Revenue increased 18.5% to $39.6 million from $33.4 million. This was mainly due to contributions from the group’s two new Jumbo Seafood restaurants located in Raffles City Shanghai, which opened in last August, and the Shanghai International Finance Centre, which opened in January, as well as an overall increase in revenue from the rest of the group’s restaurants.
Cost of sales comprising raw materials and consumables used increased 30% to $15.7 million from $12.1 million a year ago. This increase was mainly attributable to higher food costs in China.
Jumbo CEO Ang Kiam Meng said: “Despite the challenging macro environment, we were able to leverage on our competitive strengths to deliver growth. We are encouraged by the success of our three Jumbo Seafood restaurants in China and remain optimistic about the potential of our China operations to contribute positively to the group's growth.”
Shares of Jumbo closed 2.15% lower at 46 cents.
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
The jump was mainly due to co-operative ventures and a subsidiary being fully owned by the company after the restructuring exercise undertaken in connection with the IPO and a general increase in net profit.
Revenue increased 18.5% to $39.6 million from $33.4 million. This was mainly due to contributions from the group’s two new Jumbo Seafood restaurants located in Raffles City Shanghai, which opened in last August, and the Shanghai International Finance Centre, which opened in January, as well as an overall increase in revenue from the rest of the group’s restaurants.
Cost of sales comprising raw materials and consumables used increased 30% to $15.7 million from $12.1 million a year ago. This increase was mainly attributable to higher food costs in China.
Jumbo CEO Ang Kiam Meng said: “Despite the challenging macro environment, we were able to leverage on our competitive strengths to deliver growth. We are encouraged by the success of our three Jumbo Seafood restaurants in China and remain optimistic about the potential of our China operations to contribute positively to the group's growth.”
Shares of Jumbo closed 2.15% lower at 46 cents.
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
0 comments:
Post a Comment