Restaurant chain operator Wowprime Corp (王品) yesterday posted NT$217 million (US$7.08 million) in net profit for January, approaching the level for the whole of last year, as the group benefited from “revenge consumption” over the Lunar New Year holiday season.
The Taichung-based conglomerate, which operates Wang Steak (王品台塑牛排), Tasty (西堤), Tokiya (陶板屋), Chamoinx (夏慕尼) and several other restaurant brands, said in a regulatory filing that consolidated revenue hit a record-high NT$2.17 billion in January, driven by catering demand over the Lunar New Year holiday.
Business increased as people enjoy consumption after three years of COVID-19 restrictions, helping to boost January’s net profit to 160.65 percent from January last year, Wowprime said.
Photo: CNA
Profitability also improved due to the company closing outlets with low patronage, and implementing other cost-saving measures, it said.
Earnings per share in the month were NT$2.92, it added.
January’s profit was stronger than net profit of NT$163 million seen for the fourth quarter of last year, and approached the NT$258 million it earned for all of last year, company data showed.
Wowprime released its monthly earnings and revenue data at the request of the Taiwan Stock Exchange (TWSE) due to an unusual spike in its stock price. Its shares fell 1.53 percent to close at NT$257 yesterday, having risen more than 57 percent over the past three months, TWSE data showed.
The group operates 305 outlets featuring Japanese, Chinese, teppanyaki, hot-pot and other cuisines, with Taiwan operations accounting for 70 to 75 percent of total revenue last year, and China operations contributing 25 to 30 percent.
Total revenue amounted to NT$18.32 billion last year, up 6.54 percent from a year earlier, while net profit rose 250.3 percent to NT$258 million, or earnings per share of NT$5.15, Wowprime said.
Wowprime is expecting a continued rise in business, aided by a fast recovery at its China operations and steady growth in Taiwan.
In the first two months of this year, cumulative revenue totaled NT$1.82 billion, representing an 11.86 percent increase from a year earlier, it said.
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