Restaurant chain operator TTFB Co Ltd (瓦城泰統集團) yesterday offered a positive outlook for the second half of the year, after revenue last month grew 96.86 percent from a year earlier.
A substantial increase in dine-in customers combined with a steady recovery in the local food-and-beverage market, as well as the arrival of the traditional high season for restaurants, are expected to boost the company’s sales in the coming months, the nation’s largest Thai food and full-service restaurant chain operator said in a statement.
TTFB operates six restaurant chains — Thai Town Cuisine (瓦城泰式料理), Very Thai Restaurant (非常泰), 1010 Hunan Cuisine (1010湘), Very Thai Noodles (大心新泰式麵食), Ten Ten Hunan Bistro (十食湘) and Shann Rice Bar (時時香) — as well as new cuisine brands Yabi Kitchen and Thai BBQ.
Photo courtesy of TTFB Co Ltd
As of the end of June, the company operated 135 stores in Taiwan and four in China, it said in the statement.
TTFB this year continued to develop new services and expand its sales channels, even as COVID-19 flare-ups discouraged many people from gathering outdoors in the second quarter.
With bleak sales in the April-to-June quarter, TTFB’s revenue for the first half of the year dropped 6.01 percent year-on-year to NT$2.06 billion (US$68.7 million), while it reported a net loss of NT$28.45 million, or a net loss per share of NT$1.24.
That was a 127.06 percent decline from net profit of NT$$105.11 million a year earlier, or earnings per share of NT$4.59, company data showed.
First-half gross margin fell to 47 percent from 51.36 percent a year earlier, it said.
The company’s operations in China posted net losses of NT$23 million in the first half, as strict COVID-19 lockdown measures in Shanghai severely affected its headline figures, it said.
As sales started out strong this quarter after last month’s revenue hit NT$430.66 million, up from NT$311.95 million in June, the company said it is optimistic about its outlook for this quarter and next quarter, citing the business potential of the upcoming Mid-Autumn Festival, Double Ten National Day and year-end banquet season, the statement said.
TTFB launched four new stores in Taiwan in the first half of the year, and aims to retain a double-digit increase in new store openings this year, as the company expects a larger scale of operations and a wide variety of restaurant brands to further boost sales, it said.
STRONG INTEREST: Analysts have pointed to optimism in TSMC’s growth prospects in the artificial intelligence era as the cause of the rising number of shareholders The number of people holding shares of chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) hit a new high last week despite a decline in its stock price, the Taiwan Depository and Clearing Corp (TDCC, 台灣集保) said. The number of TSMC shareholders rose to 2.46 million as of Friday, up 75,536 from a week earlier, TDCC data showed. The stock price fell 1.34 percent during the same week to close at NT$1,840 (US$57.55). The decline in TSMC’s share price resulted from volatility in global tech stocks, driven by rising international crude oil prices as the war against Iran continues. Dealers said
Taiwan’s natural gas supply remains stable through the end of May, despite rising concerns about potential disruptions to Qatari liquefied natural gas (LNG) supplies due to escalating conflicts in the Middle East, the Ministry of Economic Affairs said yesterday. The ministry in a statement said that Taiwan has completed preparations for natural gas supply and shipping schedules through the end of May. It has also made plans to increase natural gas imports from regions outside the Middle East in June to ensure a stable supply, it added. Taiwan sources natural gas from 14 countries and is not solely dependent on the Middle East,
China is clamping down on fertilizer exports to protect its domestic market, industry sources said, putting an additional strain on global markets that were already grappling with shortages caused by the US-Israeli war on Iran. China is among the largest fertilizer exporters — shipping more than US$13 billion of it last year — and it has a history of controlling exports to keep prices low for farmers. Shipments through the war-blocked Strait of Hormuz account for about one-third of the sea-borne supply. This month, Beijing banned exports of nitrogen-potassium fertilizer blends and certain phosphate varieties, sources said. The ban, which has not
Grab Holdings Ltd agreed to buy Delivery Hero SE’s Foodpanda operations in Taiwan for US$600 million, a deal that marks its first foray outside of its Southeast Asian base. The cash acquisition will allow Grab to expand into 21 cities across Taiwan, the Singapore-based ride-hailing and delivery company said in a statement yesterday. Grab expects the transaction to be completed in the second half, subject to regulatory approvals. The purchase will give Grab a presence on the island of about 23 million people, helping it to expand beyond its intensely competitive home market. Grab has seen growth slow dramatically as it takes
RSS