The Tai Tong Food & Beverage Group (TTFB, 瓦城泰統集團) saw its net profit in the first quarter of the year reach the highest level in company history on the back of its ongoing outlet expansion and strong seasonal demand during February’s Lunar New Year holiday.
Tai Tong — the operator of three restaurant chains with 46 outlets — posted NT$66.48 million (US$2.25 million) in net income for the first three months, up more than 60 percent from the NT$41.52 million net profit recorded during the same period last year, the company said in a statement.
Earnings per share (EPS) in the first quarter reached NT$2.86, higher than the NT$2.34 recorded in the same period of last year, despite the company increasing its number of shares by 30 percent in the second half of last year ahead of its listing on the GRETAI Securities Market.
“The outlet expansion plan and strong sales recorded during the Lunar New Year holiday helped the company’s sales and profitability climb to a record-high level in the first three months,” the statement said.
The group, which operates three brands — Thai Town Cuisine (瓦城泰式料理), Very Thai Restaurant (非常泰) and 1010 Hunan Cuisine (1010湘辣料理) — said it is sticking to its target of expanding its total number of outlets to 70 by the end of the year.
Meanwhile, the company is scheduled to launch its first Thai Town outlet in Chiayi County later this month, with its first outlet in Shanghai expected to be opened later this year, also under the Thai Town brand.
Other than outlet expansion, the company is also set to launch its fourth restaurant brand in the third quarter, with details to be announced in the near future.
The company posted NT$160.77 million in consolidated revenue last month, up 12.54 percent from a year earlier, company data showed.
Accumulated revenue stood at NT$700.46 million in the first four months of this year, up 11.89 percent from the previous year, the data showed.