BreadTalk Q1 net profit plummets
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The absence of a one-time divestment gain dented results for BreadTalk Group in its first quarter.
Net profit plunged 89.1 per cent to S$10.8 million from the previous year, the group said in a Singapore Exchange filing on Thursday evening.
BreadTalk had in the first quarter of 2017 recognised S$9.3 million in capital gain from the sale of its investment in TripleOne Somerset.
In the first quarter of this year, it also brought forward the early closure of eight bakery outlets in China and one food atrium outlet in Hangzhou.
Questions & Answers
Q.What was the main reason for the significant drop in BreadTalk's net profit this quarter?
What was the main reason for the significant drop in BreadTalk's net profit this quarter?
The primary reason for the drop was the absence of a one-time divestment gain. In the previous year, the group recognised S$9.3 million from the sale of its investment in TripleOne Somerset, which was not repeated this quarter.
Q.How much did BreadTalk's net profit fall by in the first quarter?
How much did BreadTalk's net profit fall by in the first quarter?
BreadTalk's net profit plummeted by 89.1 per cent in the first quarter. This brought their net profit down to S$10.8 million, compared to the previous year's figures.
Q.Did the group close any outlets during the first quarter of this year?
Did the group close any outlets during the first quarter of this year?
Yes, the group brought forward the early closure of nine outlets. This included eight bakery outlets in China and one food atrium outlet located in Hangzhou.
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