SINGAPORE - BreadTalk Group's fourth quarter net profit shrank by 30.8 per cent to $3.8 million.
This was despite revenue for the three months to Dec 31 rising by 5.3 per cent to $154.8 million.
Similiarly. full year earnings fell by 10.3 per cent to $12.2 million, notwithstanding a rise of 9.9 per cent in revenue to $589.6 million.
The traditionally strong fourth quarter revenue performance did not materialise due to softer than expected demand across all markets especially China.
Group margin was also compromised due to the intense competition in Singapore along with cost pressure on labour and rental including closure cost for two Ramen Play stores.
Quarterly earnings per share slipped to 1.36 cents from 1.97 cents previously while net asset value per share climbed by three cents to 36.4 cents.
A final dividend of one cent a share was proposed, down from 1.3 cents last year.