Tofu Restaurant Co (豆府) on Thursday reported a 73 percent rise in net profit from a year earlier to NT$105 million (US$3.41 million) in the first quarter, as the multi-brand South Korean restaurant chain emerged from COVID-19 restrictions.
The financial results translated into earnings per share of NT$4, the company said, adding that its gross margin also improved to 54.34 percent, from 52.47 percent during the first quarter of last year.
With first-quarter revenue increasing 32.33 percent to NT$749 million, the company said it is positive that growth momentum would gain traction, partly due to outlet expansions.
The company — which operates restaurants under the Dubu House Korea (涓豆腐), Hanok Tofu (北村豆腐家), Han Jeong Sig (韓姜熙小廚房) and Pho Tau Bay (越南飛機河粉) brands — has opened four new outlets this year, and aims to raise the number to 10 by the end of the year.
Tofu said it recently collaborated with technology firms to launch a Tofu app selling instant and frozen food packages. The move would help secure revenue and customer loyalty, it said.
Hi-Lai Foods Co (漢來美食) — which operates buffet Hilai Restaurant (漢來海港餐廳), Hi-Lai Vegetarian Restaurant (漢來蔬食) and luxury Cantonese restaurant Celebrity Cuisine (名人坊) — on Thursday reported a strong rebound in profitability in the first quarter, saying that the growth momentum would be sustained in the second quarter.
Net profit increased 197.4 percent to NT$127.15 million last quarter, from NT$42.76 million a year earlier, with earnings per share of NT$3.01, while revenue rose 25 percent to NT$1.295 billion, from NT$1.04 billion, the company said in a statement.
Hi-Lai said first-quarter revenue hit the highest quarterly level ever, due to rising demand from people eager to eat out during the Lunar New Year holiday, as well as contributions from business gatherings.
The restaurant operator said it expects better business this quarter on the back of outlet expansion, adding that the opening of a new Grand Hi-Lai Hotel (漢來大飯店) in Taipei’s Nangang District (南港) in October would boost its food and beverage sales.
In related news, Sunjuice Holdings Co Ltd (鮮活果汁), which supplies concentrated fruit juice and pulp to Happy Lemon, 85°C (85度C), Gongcha (貢茶) and more than 700 Chinese brands, posted net profit of NT$45.44 million for the first quarter, with earnings per share of NT$1.34.
It represents a quarterly decline of 32.18 percent, but a mild increase of 2.18 percent from a year earlier.
Sunjuice attributed the lackluster performance to China’s beverage market remaining soft after its government abruptly ditched COVID-19 restrictions in December last year.
The company said it has come under profit pressure after peers in 2021 introduced cutthroat price competition strategies.
Sunjuice has stayed in the black due to its brand value, economic scale and bargaining prowess, it said, adding that things would improve after raw material prices stabilize.
The companies’ first-quarter results align with a post-pandemic rebound in domestic food and beverage consumption, as Taiwanese have resumed eating out.
Food and beverage sales in the first quarter rose 17.2 percent year-on-year to a record NT$254.8 billion, outpacing the previous quarter’s 13.3 percent annual growth, the Ministry of Economic Affairs reported on April 24.
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