FAST CASUAL | Staff Reporter, Hong Kong

Ajisen China's H1 profits skyrocket 506.2% to about USD 86.52m

Thanks to prudent new store launches.

Japanese ramen chain giant Ajisen China closed the first half of 2016 with stellar profits, as H1 attributable earnings clocked a whopping 506.2% YoY surge to HKD 671.12m (roughly USD 86.52m).

According to the company's announcement, the boost os thanks to Ajisen China's focus on streamlining existing stores, and adopting a prudent strategy in opening new outlets.

Profit from core operations slipped 4.8% YoY to HKD 117.2m, from HKD 123.2m in the same period in 2015. Gross profit margin inched up by 1 percentage point to 70.8%, from 1H15's 69.8% YoY.

Basic earnings per share for H1 jumped by HK 51.35 cents to HK 61.49 cents. This is a 506.4% YoY spike from 1H15's HK 10.14 cents.

Meanwhile, turnover for the period tumbled 11.1% YoY to HKD 1.4b.

As at 30 June 2016, Ajisen China's network was at 662 restaurants overall.

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