Formosa International Hotels Corp (FIHC, 晶華國際酒店集團), which operates the Formosa Regent Taipei (晶華酒店), expects sales this quarter to hit a record high, supported by annual year-end parties and demand for its new instant meals.
The company last week unveiled a plan to sell packaged frozen beef noodles, a product which won a top prize in the annual Taipei International Beef Noodle Festival (台北國際牛肉麵節).
The launch made FIHC the nation’s first luxury hotel brand to tap into the frozen food or instant food market.
FIHC expected to sell more than more than NT$10 million (US$336,900) worth of the beef noodle packages before the Lunar New Year holiday.
The new business would be a revenue driver from this quarter for the hotel chain, FIHC public relations director Ellen Chang (張筠) said at a media briefing on Thursday.
The beef noodle packages will be available at the hotel chain’s restaurants in Taiwan, including those at the Formosa Regent Taipei, Silks Place (晶英酒店) and Just Sleep (捷絲旅).
The packages are available now at 32 outlets throughout the nation, Chang said, adding that the chain planned to broaden its retail network in the future with hypermarkets and convenience stores seen as the next partners to sell the noodles.
Currently, consumers can buy the beef noodles at four upscale supermarkets: Jason’s Market Place, City’super and supermarkets run by Shin Kong Mitsukoshi Department Store Co (新光三越百貨) and Far Eastern Department Stores Co (遠東百貨).
Meanwhile, the hotel operator has seen sales momentum pick up this quarter, as local firms started to book customized services or book tables for the annual year-end party season, which falls before the Lunar New Year holiday, Chang said.
“As more companies are willing to pay higher prices for their annual parties, we recognize that economic sentiment is gradually recovering,” Chang said.
The company expected the strong seasonal demand on the food and beverage sector to help boost FIHC’s sales this quarter to a record-high level of NT$1.45 billion.
FIHC saw consolidated sales total NT$1.33 billion in the third quarter, up 2.7 percent from a year earlier. Consolidated revenue reached NT$4.65 billion in the first 10 months of the year, up 3.53 percent from a year ago, the company’s financial statement showed.
Net income slowed to NT$781.68 billion, or NT$7.35 per share, in the first three quarters of the year, from NT$819.94 million, or NT$7.71 per share, recorded a year earlier, as the company’s renovation plans in the July-to-September period dragged down profitability, statistics showed.