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Koufu Q4 net profit falls 13.4% to S$6.5m

NET profit for Koufu fell 13.4 per cent to S$6.5 million for the fourth quarter ended Dec 31, the food court and coffee shop operator said on Friday.

This came as depreciation charges increased sharply to S$20.7 million from S$2.8 million in Q4 2018, largely due to depreciation charges on right-of-use assets recognised upon the adoption of new leasing standards SFRS(I) 16 from January 2019.

Revenue rose 5.7 per cent to S$60.3 million from S$57 million a year ago, largely on contributions from five new tea beverage kiosks opened in the quarter under review. Earnings per share were 1.17 Singapore cents, down from 1.35 cents in the fourth quarter of the previous year.

For the full year, net profit rose 13 per cent to S$27.7 million from S$24.5 million a year ago. Revenue climbed 6.1 per cent to S$237.5 million from S$223.8 million previously, with the opening of new food courts, coffee shops, food and beverage (F&B) stalls, restaurants and F&B kiosks. Overall revenue from existing food courts and coffee shops also increased in FY2019.

Earnings per share for the full year were 4.99 cents, rising from 4.75 cents in FY2018.

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The board has proposed a final dividend of 1.5 cents per share, up from the 1.2 cents dividend paid out in the corresponding period of the previous year. Combined with an interim dividend of one cent paid out earlier, the total dividends for FY2019 will be 2.5 cents per share.

Koufu shares closed down 1.5 cents or 2.08 per cent to S$0.705 on Friday before the results were announced.

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