Kimly coffee boosts sales but profit slips
Singapore traditional coffee shop operator Kimly says its sales rose 4.2 per cent to $49.9 million in the third quarter – but profit fell by 4.8 per cent to S$5 million.
The listed company said increased revenue was driven by subleasing food stalls in its coffee shops food courts and from utilities.
With the company operating more food stalls during the quarter, retail sales turnover increased, as well.
Kimly executive director Vincent Chia said competition was fierce in the local food and beverage sector.