Japan Foods reports fiscal year net profit dropped 11 percent

Japanese 1,000 yen notesJapanese 1,000 yen notes

Japan Foods Holding reported Wednesday its fiscal second half net profit rose 46.4 percent on-year to S$4.9 million on revenue of S$33.4 million, up 2.9 percent on-year.

For the full fiscal year ended 31 March, Japan Foods said its net profit fell 10.8 percent on-year to S$3.2 million, on revenue of S$54.6 million, up 7.1 percent on-year.

The revenue rise was mainly due to a seasonally stronger second half and the new Halal segment, which increased from one restaurant under one brand in November 2020 to nine restaurants under three
brands as at 31 March 2022, Japan Foods said in a filing to SGX.

Full year net profit, however, fell due to lower Covid-related government grants and rental concessions from landlords, as well as higher expenses due to higher manpower and operating costs, the filing said.