The Thai restaurant chain operator TTFB predicts growth as a return on food
By Chen Cheng-hui / employee reporter
TTFB Co Ltd (瓦 城 泰 統 集團) on Friday gave an optimistic outlook for the second half of the year as COVID-19 cases in Taiwan gradually ease and food restrictions eased.
A rapid surge in COVID-19 vaccination rates in Taiwan and government stimulus programs are also expected to boost sales in the local food and beverage industry, the largest Thai 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 kitchen brands Yabi Kitchen and Thai BBQ.
Photo courtesy TTFB Co Ltd
At the end of June, the company had 133 branches in Taiwan and six in China, it said.
TTFB upgraded its grocery delivery services and online shopping platform this year as a COVID-19 outbreak affected people’s willingness to dine in restaurants.
Despite its best efforts, the company reported losses in the second quarter after a nationwide level 3 pandemic alert was issued on May 19.
Net loss was NT $ 19.69 million (US $ 706,748) for the April through June quarter, compared to net income of NT $ 124.8 million for the previous quarter, based on consolidated sales of NT $ 1.27 billion in January to. declined to NT $ 926.9 million in the March period, company data showed on Friday.
The restaurant operator reported net loss per share of NT $ 0.86 for the second quarter, compared to earnings per share of NT $ 5.45 for the first quarter.
It was the company’s first quarterly loss after making its stock debut on the local stock exchange in 2012.
Overall, the company posted net income of NT $ 105.11 million for the first half, 31.95 percent more than a year earlier, while sales rose 3.08 percent to NT $ 2.19 billion.
First half gross margin was 51.36 percent, 0.29 percentage points more than the same period last year, while earnings per share were NT $ 4.59 compared to NT $ 3.42 last year.
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