Restaurant chain operator Tai Tong Food & Beverage Group (TTFB, 瓦城泰統集團) posted record-high sales of NT$1.05 billion (US$34.26 million) for last quarter, a 4.84 percent increase from the previous year, fueled by its quick outlet expansion.
Revenue for last month jumped 7.96 percent to NT$297.9 million, compared with NT$276 million in the previous year, company data showed.
TTFB, which operates six restaurant chains led by Thai Town Cuisine (瓦城泰式料理), attributed the performance to four new outlets and the launch of its sixth cuisine brand, Rice Bar (時時香).
Seasonal demand during the Lunar New Year holiday also helped stimulate sales in the first quarter of this year, TTFB said in a statement on Monday.
As part of a business strategy to enhance its market competitiveness, the group said it plans to open 25 new outlets and launch a new cuisine brand by the end of this year.
TTFB has a total of 104 outlets in Taiwan and China, compared with 100 outlets it had at the end of last year, company data showed.
TTFB last year reported that net profit increased 9.33 percent to NT$305 million on an annual basis, or NT$13.12 earnings per share, which was the highest level since its listing in 2012.
Based on last year’s earnings, the company plans to distribute a cash dividend of NT$11.6, compared with NT$10.6 last year.
As the company’s stock closed at NT$230 in Taipei trading yesterday, the proposed cash dividend represents a 4.6 percent dividend yield.
In related news, Wowprime Corp (王品), the nation’s largest restaurant chain operator, reported that sales declined 2.3 percent annually to NT$4.1 billion during the January-to-March period, a company filing with the Taiwan Stock Exchange showed.
Wowprime, which has more than 400 outlets around the world, attributed the decline to intense market competition.
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