BreadTalk's Q2 profit down 13.6% on higher costs

SINGAPORE - Restaurant and bakery group BreadTalk's second quarter net profit declined 13.6 per cent to $2.6 million despite a rise in sales.

Revenue for the three months to June 30 rose 10.5 per cent to $139.9 million. Earnings were dented by increases in the distribution and administrative expenses.

Distribution expenses went up 6.6 per cent to $55.5 million while administrative costs gained 32.3 per cent to $18.5 million

First half net dropped 4.9 per cent to $4.4 million as the closure of non-performing outlets led to asset write-offs amounting to $2.2 million.

Earnings per share was 0.93 cent in the second quarter, down from 1.08 cents.

Net asset value per share was 33.6 cents at the end of June, up from 30.1 cents at the end of December.