Jumbo Q3 FY16 bottom line doubles to S$3.4 million

RESTAURANT group Jumbo turned in a stronger performance for the third quarter ended June 30 as its net profit about doubled from S$1.69 million to S$3.4 million.

This came on the back of cooperative ventures, a subsidiary being fully owned by the company after a restructuring exercise and an increase in profits.

For the three months ended June 30, revenue jumped 13.8 per cent to S$32.71 million from the year-ago period. The rise in revenue was mainly due to revenue contributions from two new Jumbo Seafood restaurants in Shanghai as well as an overall increase in revenue from the rest of its restaurants.

Q3 earnings per share climbed to 0.5 Singapore cent from 0.3 Singapore cent in the year-ago period.

Jumbo said: "Barring any unforeseen circumstances, the group expects to continue to grow its business and remain profitable for FY2016."

Jumbo's shares closed at S$0.67 on Friday, down half a cent.