Koufu posts 3.7% rise in Q4 profit

Singapore

FOOD court operator Koufu Group lifted its fourth-quarter net profit by 3.7 per cent on higher sales, the group said on Tuesday.

Net profit for the three months ended Dec 31, 2018 stood at S$7.51 million, compared with a net profit of S$7.24 million posted the same period a year ago. The results translate to earnings per share of 1.35 Singapore cents, against earnings per share of 1.50 Singapore cents.

Revenue in the fourth quarter of 2018 was up 5.3 per cent at S$57.05 million from a year ago.

Revenue contribution from the outlet and mall management segment increased by S$3.3 million from a year ago to S$29.6 million, as contributed by three new food courts and one coffeeshop opening in fiscal 2018 at Fusionopolis, Oasis Terrace, Sengkang General Hospital and Tampines T-Space.

Revenue from the F&B retail business segment decreased by S$0.4 million from a year ago to S$27.4 million.

Other income more than doubled from S$0.6 million in the year-ago period to S$1.4 million for the fourth-quarter of 2018, mainly attributable to an increase in reimbursement of renovation fees charged to the stall operators arising from the renovation of existing and new food courts.

For the full year, Koufu recorded a net profit of S$24.51 million, down 8.8 per cent on higher depreciation charges, as well as higher property rentals and related expenses.

The board has proposed a final dividend of 1.2 Singapore cents per share. It did not declare a final dividend in the year-ago period.

Shares of Koufu closed unchanged on Tuesday at S$0.63.