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Update: Big jump in Soup Restaurant's Q3 profit; dividend announced
SOUP Restaurant Group's third-quarter net profit soared to S$67,000 from S$18,000 a year ago despite a decrease in revenue.
Earnings per share increased to 0.02 Singapore cent from 0.01 Singapore cent in the previous year.
For the three months ended Sept 30, revenue declined 11 per cent to S$9 million from the preceding year.
Nine-month net profit was up by 46.8 per cent to S$590,000 while revenue was down by 8.4 per cent to S$28.16 million.
The listed restaurant operator said the loss in revenue was mainly due to the closure of three outlets in the second and third quarters.
The decrease in contribution from the three outlets was partly offset by a revenue increase from existing and additional four new outlets.
Nine-month revenue for the listed company's food processing distribution and procurement services segment also increased by S$200,000 or 19.4 per cent.
The company also reported an 11.3 per cent decrease in its employee benefits expenses from a reduction in headcount and related staff costs due to the closure of the three outlets.
In a separate stock exchange announcement on Thursday, Soup Restaurant declared a special dividend of 0.25 Singapore cent per ordinary share as part of its 25th anniversary celebrations.