The group’s new brands are said to have beaten expectations.
The BreadTalk Group revenues rose to 0.8% from $147.7 million to $148.8 million as well as their net profits that became 10.5% ($2.4 million) higher.
“It has been an eventful journey over the past six quarters since my re-joining the Group in October 2016 and subsequent appointment as Group CEO in July 2017. My team has been working tirelessly alongside me to sow the seeds for the next lap of growth as well as to make hard decisions when they were due to reorganise various aspects of our business so as to position it for greater strength,” says Henry Chu, the group’s CEO.
This increase is driven by the growth of the Food Atrium, Restaurant, and the 4orth Food Concepts Divisions, making up for the 5.2% ($68.6 million) decrease in the Bakery Division’s revenue.
4orth Food Concepts went for a 53.0% ($3.0 million) rise, Restaurant Division went up 7.1% ($37.3 million) while the Food Atrium Division grew to 4.0% ($38.8 million).
“This was achieved despite costs being incurred to consolidate certain underperforming businesses as well as investments made to boost the efficiency of our backend support infrastructure. On the back of the many corporate actions announced over the past six months, my team and I are excited to get on with the execution to see these initiatives to fruition, so as to deliver greater value to our shareholders,” Chiu added.
BreadTalk also have plans to upgrading their technology so as to improve efficiency, cost management and expand their reach among the global market.
(Photo credit: BreadTalk Singapore Facebook page)
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