The group has temporarily suspended the operations of 10 food courts, three quick-service restaurants and two full-service restaurants, where there is low footfall, to reduce operating costs.Its operating profit for the first half of 2020 is expected to be"significantly lower" year on year as well, due to the impact of the virus outbreak. New outlets opened in FY2019 are still in their"stabilisation phases" and have yet to contribute positively.
Koufu also operates in Macau, which has slowly opened up its borders. The group said business operations there remain at a"reduced level". Business there is expected to improve only when Macau opens its borders to visitors from Greater China, on which Macau is dependent. Shares of Koufu, trading cum-dividend, closed down 1.56 per cent at S$0.63 on Friday before the announcement.For daily updates on weekdays and specially selected content for the weekend. Subscribe to