Japan Foods dips into the red with S$1.6 mil half-year loss
Losses were attributed to lower government grants and lower rental concessions from landlords.
Singapore-listed Japan Foods dipped into the red with a $1.6 million loss for its 1HFY2022 ending in September, reversing the $0.3 million earnings recorded the year prior.
This is despite higher revenue of $21.2 million logged for the period, up 14.5% year-on-year (YoY) due to the performance of Afuri Ramen, Ichiro Ramen, Fruit Paradise and Yonehachi, as well as contributions from new halal brand Tokyo Shokudo.
Japan Foods said the losses were due to lower government grants and lower rental concessions from landlords. Other income for the period was 50.2% lower YoY at S$4.1 million.
Gross profit for the period came in at $17.8 million, up 13.5% YoY, in tandem with higher revenue. Partly due to lower margin from some new brands and discounts given for takeaway orders during Singapore’s Phase 2 (Heightened Alert) restrictions from July to August, gross profit margin declined 0.7 percentage points to 83.8%.
