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BreadTalk net profit down 29% in Q3

BREADTALK has posted a net profit of S$2.7 million in the third quarter, down 29.2 per cent from the same period a year earlier on one-off expenses in the run-up to the opening of Din Tai Fung in London and other new businesses.

Certain under-performing segments of the bakery business which the group is already in the process of restructuring also resulted in the profit dip, the group said on Monday.

Revenue in the three months ended Sept 30 rose 2.3 per cent to S$157.7 million.

Earnings per share was 0.48 Singapore cent, down from a restated 0.68 cent in Q3 last year.

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Net profit in the nine months ended Sept 30 was S$6.3 million, a fall of 62.5 per cent from the same period a year earlier, despite a 1.2 per cent rise in revenue to S$455 million.

Net asset value per share was 37.8 Singapore cents as at Sept 30, up from 27.5 cents as at Dec 31 last year.

The shares fell 2.5 Singapore cents or 2.93 per cent to S$0.925 on Monday before results were announced after close of trading.