LEGAL | Staff Reporter, Singapore

Kimly reports $5.3 million net profit for Q1

Its own brand of iced coffee and tea is slated to arrive by March.

The parent company of Kimly reported 5% rise in revenue and a net profit of SG$5.3 million for the first quarter of FY2019.

Revenue for the three months ended 31 December 2018 came in at SG$52.6 million, up from S$50.1 million last year, said to be driven by contribution of revenue from their Japanese restaurant chain Tonkichi and Rive Gauche, a Japanese-French confectioner. 

Kimly acquired the two food brands in July 2018 as part of their ongoing efforts to expand product offerings and reach a wider consumer segment. The group currently owns three Tonkichi outlets and 10 Rive Gauche stores, the most recent of the latter opened in December last year. 

Gross profit in Q1 increased to SG$10.6 million from $10.2 million last year, offset by a drop in net attributable profit to SG$5.3 million in Q1 FY2019 from SG$5.7 million in Q1 FY2018.

Net cash from operations meanwhile rose to SG$20.9 million from SG$7.8 million a year after receiving SG$12.0 million from the rescission of its acquisition of Asian Story Corporation Pte Ltd.

Kimly also mentioned its ongoing development of their own brand of iced Kopi and iced Teh for sale at all its coffee shops, slated for completion on March 2019.

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