Jumbo Q1 profit drops 20 per cent

SEAFOOD group Jumbo saw a near 20 per cent year-on-year drop in net profit to S$2.1 million for Q1FY18, owing to increased expenses.

Revenue rose 9.3 per cent to S$35.75 million on the back of higher contributions from its outlets in Singapore and China, while earnings per share dipped from 0.4 Singapore cent per share to 0.3 cent.

Jumbo said: "Leveraging on our four years of operational success in Shanghai, the group intends to continue expanding the Jumbo Seafood brand to other major cities in the PRC. Outside of Singapore and the PRC, the group will continue to explore franchising opportunities to diversify and grow our business offerings."

The counter closed at 57 Singapore cents, down half a cent.