BreadTalk Q3 net profit plummets by 81%
The group noted of revenue increases across the group’s divisions after store expansions.
BreadTalk Group’s net profit plunged by 81% year-on-year in the three months ending September 2019, following a 34% increase in distribution and selling expenses.
In the nine months ending September, the bakery division’s revenue grew by 3.3% to S$218.9m (US$160.6m) and had a top line increase of 10.1% to S$173.6m (US$127.4m).
Revenue in the food atrium division was up 2.0% to $119.6m (US$87.7) following the company’s launch of three food courts Chongqing, Hong Kong and Bangkok.
The restaurant division saw 14.8% increase in revenue to $129.6m (US$95.1) after opening five new sites in Singapore and Thailand.
Whilst they fear the impact of social unrest in Hong Kong, the group noted that revenues across the group’s divisions rose after store expansions.
“The ongoing social unrest in Hong Kong is expected to have a negative impact to our Food Atrium and Bakery businesses in the territory,” the group said in an announcement to the SGX.
