RE&S Holdings fends off challenges
Japanese multi-brand F&B company RE&S Holdings managed to shine for its first half despite a challenging environment with rising competition and a tightening labour market.
Its results, to the end of December, are its first since its listing on the Catalist Board of the Singapore Exchange in November last year.
Overall revenue grew by 0.4 per cent to S$71.7 million. This was attributed mainly to 16.3 per cent year-on-year growth in its QSR, convenience and others segment to $20.3 million, more than offsetting the 4.8 per cent decline in revenue from the full-service restaurant segment to $51.4 million.
The group reported net profit after tax of $1.8 million after taking into account one-off IPO expenses of $1 million. Excluding this impact, the group’s profit before tax would have increased by 6.8 per cent to $3.7 million.
RE&S opened an Ichiban Sushi outlet at West Mall in December, with plans to add another outlet at Compass One this month.
“We intend to open more outlets this year and are always on the lookout for suitable locations,” says RE&S Holdings executive director/CEO John Yek. “With the net proceeds raised through our IPO, we are poised to expand our network of F&B outlets and introduce new dining concepts.”
Established in 1988, RE&S is a concept owner running F&B outlets in Singapore and Malaysia.