Tai Tong Food & Beverage Group (TTFB, 瓦城泰統集團), which operates three restaurant chains with a total of 62 outlets in Taiwan and China, yesterday saw its net income in the first quarter of the year reach its highest level in the group’s history.
The group posted NT$82.31 million (US$2.72 million), or NT$3.54 per share, in net income in the first three months, up from the NT$66.48 million, or NT$2.86 per share, a year earlier, a company statement showed.
On a quarter-on-quarter basis, net profit showed a nearly two-fold increase in the first quarter, from NT$30.31 million, or NT$1.29 per share, in the fourth quarter last year, data showed.
The group attributed the strong profitability in the first quarter to the strong sales performance, which climbed 32.95 percent from the same period last year to NT$717.52 million, also marking a record-high level in the group’s history.
“The continuous expansion in Taiwan, entry into the Chinese market last year, as well as strong seasonal demand during the Lunar New Year holiday, all contributed to the strong sales result,” the group said.
TTFB operates three brands: Thai Town Cuisine (瓦城泰式料理), Very Thai Restaurant (非常泰) and 1010 Hunan Cuisine (湘辣料理).
Since the end of the first quarter last year, the group has launched operations of 15 new outlets in Taiwan, with its first Thai Town brand outlet in China opening in November last year.
The China outlet has started to generate profit for the group since the second month of its operation, prompting the group’s goal to accelerate the pace of its expansion in China this year.
NEW CHINA TRIO
The company said it plans to introduce to China the 1010 Hunan Cuisine brand later this quarter, with a target of three branches launched in China by the end of June.