Email This Print This Financials


Financials Archive

Get Adobe Reader Note: Files are in Adobe (PDF) format.
Please download the free Adobe Acrobat Reader to view these documents.

Income Statement

Balance Sheet

Review of Performance

Revenue and Profitability

The Group’s revenue for the financial period ended 30 September 2018 (“9M2018”) was $32.6 million, an increase of $2.2 million or 7.3% as compared to $30.4 million for the financial period ended 30 September 2017 (“9M2017”). The increase was attributable to an increase in revenue from operation of restaurants and online delivery services of $1.5 million. Revenue for the food processing, distribution and procurement services segment has also increased by $0.7 million.

Other income decreased by 12.9% mainly related to a decrease in sponsorship income received.

Purchases and other consumables were maintained at approximately 22.0% of revenue as compared to 9M2017.

Employee benefits expense increased by $0.2 million or 2.1% in 9M2018 mainly due to an increase in related staff costs for existing outlets of $0.3 million, offset by a decrease in employee benefits expenses due to closure of outlets of $0.1 million.

Other expenses increased by $0.6 million or 5.6% in 9M2018 mainly due to an increase in sales commissions of $0.5 million and packing materials of $0.1 million, which is associated with online delivery services and supply of meals. The increase in contract workers of $0.1 million for the central kitchen operations was offset against a decrease in operating lease expenses as a result of the closure of outlets.

As a result, the Group’s profit before income tax increased by $0.8 million or 67.4% as compared to 9M2017. Earnings per share stood at 0.60 cents in 9M2018.

Review of Financial and Cash Flow Position

Non-current assets decreased by $0.3 million from $3.7 million as at 31 December 2017 (“FY2017”) to $3.4 million as at 30 September 2018 (“3Q2018”). The additions of plant and equipment of $0.9 million was offset by the depreciation and amortisation expenses of $1.2 million.

Current assets increased by $1.0 million or 8.2% as compared to FY2017 mainly due to an increase in trade and other receivables of $0.3 million and increase in cash and equivalents of $0.7 million. Trade and other receivables increased mainly due to the increase in receivables of $0.1 million which is associated with the increased revenue and increase in prepayment and deposits of $0.2 million which is associated with the signing of new lease agreements. The increase in cash and cash equivalents was attributable mainly to net cash from operating activities of $2.9 million, offset by payments made for purchases of plant and equipment of $0.8 million and payment of final dividend of $1.4 million.

Current liabilities increased by $0.3 million mainly due to an increase in trade and other payables related to a deferred government grant received and provision for the reinstatement costs of a new outlet collectively at $0.2 million, and an increase in the current income tax payable of $0.1 million.

Total equity amounted to $10.6 million and net asset value per share stood at 3.78 cents as at 3Q2018.


The Group continues to focus on strengthening our brands with plans for a cautious expansion of our portfolio of outlets in Singapore. The Group will also continue to bring our food offerings to more customers through online delivery platforms from all our outlets. At the same time, the Group will continue to manage the operations of our restaurants more effectively with productivity measures with the intention to better serve our customers.

The food processing and distribution business remains focused on its core strategies to assist the Group through procurement sourcing and management, as well as widening its distribution networks for its consumer goods and ready meals through the central kitchen located in Changi Prison Complex which was set up in the last quarter of FY2017 and a new catering kitchen located at Enabling Village which is to be set up in November 2018.