Jumbo Seafood sales slip but profits rise
Singaporean F&B multi-dining concept business Jumbo Group has announced revenues of $35.5 million for the December quarter.
That is a year-on-year dip of 1.5 per cent, due mainly to the closure of underperforming outlets in Singapore.
The firm’s gross profit margin was higher at 63.7 per cent during the period, as compared to 63 per cent in the year previous, mainly due to higher franchise income.
Profit attributable to owners of the company increased by 15.7 per cent to $2.4 million in the quarter, from $2.1 million a year beforehand, after taking into account the losses attributed to minority interests.
During the quarter, Jumbo expanded its franchise network in Asia, announcing the opening of its first outlets in Chinese Fuzhou and Bangkok, Thailand. It also opened a Jumbo Seafood restaurant in Singapore at Ion Orchard, taking the Jumbo Seafood restaurant network across Asia to 17.
“I am pleased that Jumbo continues to deliver a resilient financial performance”, said Ang Kiam Meng, the group’s CEO and executive director. “The successful launch of our Jumbo Seafood outlet at Ion Orchard has set a positive tone for the start of FY2019, and I am excited about our expansion plans for the year ahead”.