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Jumbo posts 49.4% rise in Q2 profit

JUMBO Group's net profit for the second quarter ended March 31, 2016, jumped 49.4 per cent year on year to S$5.83 million.

This was mainly due to cooperative ventures and a subsidiary being fully owned by the company after the restructuring exercise undertaken in connection with the initial public offering (IPO), as well as a general increase in net profit.

Revenue rose 18.5 per cent year on year to S$39.63 million while earnings per share came to 0.9 Singapore cent, up from 0.6 Singapore cent previously.

For the six months, net profit was 42 per cent higher year on year at S$7.91 million while revenue edged up 13.5 per cent to S$70.56 million.

Jumbo chief executive Ang Kiam Meng said: "Despite the challenging macro environment, we were able to leverage on our competitive strengths to deliver growth. We are encouraged by the success of our three Jumbo Seafood restaurants in the PRC and remain optimistic about the potential of our China operations to contribute positively to the group's growth."

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