The Tai Tong Food & Beverage Group (TTFB, 瓦城泰統集團) yesterday reported net profit of NT$253.47 million (US$8.08 million), or NT$10.89 per share, for last year, surpassing last year’s top restaurant operator, Wowprime Corp (王品集團).
TTFB operates five restaurant chains with 73 outlets in Taiwan and China.
Last year’s net profit hit its highest level since its listing in 2012, showing an increase of 3.72 percent from NT$244.37 million, or earnings per share of NT$10.5, recorded in 2013, data accompanying the statement showed.
The earnings per share of NT$10.89 was the strongest among the nation’s listed restaurant operators, surpassing Wowprime, which sat at the top of the list since 2012.
“Despite rising human resource and material costs, the company still maintained a mild growth on the back of the strong market potential of Asian cuisine,” the statement said.
As a result, TTFB’s board of directors approved the distribution of cash dividends of NT$10 per share, the largest in its history.
TTFB might continue its store expansion this year, aiming to raise the total amount of outlets to more than 100 by year’s end.
In contrast, Wowprime announced earlier last month that net income last year total NT$703.32 million, or earnings per share of NT$9.14, a decrease of more than 30 percent from NT$1.02 billion, or earnings per share of NT$13.25, in 2013.
Declining sales and net income in the fourth quarter of last year, due in part to fallout from a string of food safety crises that hit the nation, was the major factor dragging down the company’s annual profitability.
Wowprime posted NT$12.68 million in net profit, or NT$0.17 per share, in the fourth quarter last year, marking its lowest quarterly level since the company’s listing.
Gourmet Master Co (美食達人), which owns cafe and bakery chain 85oC (85度C), saw net income drop 8.1 percent from a year earlier to NT$527.51 million last year, with earnings per share of NT$3.74.
However, by sticking firmly to its renovation plan for a year, especially in the Chinese market, the company expects the development of its second-generation store to boost the operating profit ratio in the long run and lead it back to the growth track, Gourmet Master said in a statement.
Gourmet Master vice president of investor relations Chris Lee (李翰霖) said the firm’s annual sales target for this year was NT$20 billion, which would represent a double-digit growth from NT$17.92 billion last year.
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