Financial news
Written by: Lin Leqian
2020-03-31 08:13
Last updated: 2020-03-31 08:17Xufu Building (1978) announced its annual results. During the period, revenue was 1.006 billion yuan, a slight increase of 0.2% year-on-year. Shareholders' attributable loss was 11.22 million yuan. The same period last year recorded a profit of 35.21 million yuan and a loss of 1.4 cents per share. No dividends.
The group stated that the outbreak of the new coronavirus has adversely affected the business of the group. In February this year, its confirmed cases were related to hot pot meals, and its “Bud Shabu Shabu” and “Wen Ye Cai” restaurants were closed for at least two weeks. The Food and Sanitation Bureau has recently issued regulations for the catering industry, including that the number of customers in catering establishments does not exceed 50% of the number of seats.
From the beginning of the year to the present, the overall revenue of Xufu Building has decreased compared with the same period of last year. The Group has been actively negotiating with the owners on rent reductions and adjusting restaurant opening hours and staff rescheduling arrangements to optimize labor and other operating costs. It is currently impossible to estimate Quantitative impact on the group.
As of the end of December last year, the Xufu Building operated two Cantonese restaurants under two private brands (Xufu Building Golden Pavilion and King of the Pottery); two private brands (Niu Shabu and Heping Hotel) and four franchise brands (Horns, Horns Second Men's Place, Wen Ye Cai and Liu Family) operate 36 Asian restaurants.
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Li Bao Ge (1869), which operates the restaurant business, also announced its annual results. The revenue for the period was 353 million yuan, a year-on-year decrease of 2.1%. The loss attributable to shareholders was 59.30 million yuan, and the same period last year was 23 million yuan. Loss per share 7.03 cents, no dividends.
The group said that after the outbreak of pneumonia, the group has taken measures, including reducing the hours of operation of its Hong Kong restaurants, and temporarily closing restaurants and tea restaurants in Shenzhen. It has resumed operations in late March. The Group expects that the performance in the first half of the year will be severely affected, which will be adversely affected by reducing the operating hours of its Hong Kong and Chinese restaurants.
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Catering Industry
