Food court operator Koufu reported Monday its first quarter net profit increased 12.3 percent on-year to S$7.0 million on the addition of new food courts and new food and beverage kiosks.
Revenue for the quarter ended 31 March rose 4.9 percent on-year to S$57.8 million, the Singapore-style coffee shop operator said in a filing to SGX after the market close.
“We are pleased to have achieved a strong start for the year. We remain firmly focused on the expansion of our market share in food courts and coffee shops, growing our F&B concept stores, and bringing new food options and varieties to consumers,” Pang Lim, Koufu’s CEO and executive chairman, said in the statement.
“We are encouraged by the strong reception of our R&B Tea beverage brand and will continue to nurture this fast-growing brand in Singapore and in the region,” Pang Lim added.
Revenue for the outlet and mall management segment rose 9.2 percent on-year to S$29.7 million, while F&B retail revenue increased 0.7 percent on-year to S$28.1 million, the filing said.
During the quarter, Koufu opened two new food courts, located at Woodgrove and Buangkok Square, while five new R&B Tea kiosks were opened in several locations, the filing said.
Koufu operates 49 food courts, 15 coffee shops, a hawker center and a commerical mall under its outlet and mall management segment, while the F&B retail division has 73 self-operated F&B stalls, 16 F&B kiosks, eight quick-serve restaurants and three full-service restaurants.
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