Jumbo Q3 net profit drops 24.8% to S$1.7m on higher expenses

SEAFOOD restaurant operator Jumbo Group saw third-quarter net profit decline 24.8 per cent on year to S$1.7 million, as revenue inched up and expenses rose.

Revenue rose 0.8 per cent year-on-year to S$36.4 million for the third quarter as Jumbo opened three new restaurants in Singapore, Jumbo Seafood at Jewel Changi Airport, Zui Yu Xuan Teochew Cuisine and Chao Ting Teochew Pao Fan at Far East Square. However, revenue was affected by the Jumbo Seafood restaurant at The Riverwalk, which was closed for one month for renovations.

Expenses also increased largely due to the opening of the new restaurants. Employee benefits rose 1.1 per cent to S$11.5 million, operating lease expenses went up 4.3 per cent to S$3.6 million, while utilities increased 10.8 per cent to S$1 million.sentifi.comIn its results announcement on Tuesday, Jumbo said it expects to continue facing headwinds such as operating cost pressures and keen competition.

Earnings per share for the period was 1.4 Singapore cents, up slightly from 1.3 cents the previous year.

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