Koufu Group yesterday announced a 16.2 per cent rise in net profit to $7.2 million for the second quarter, driven by revenue growth from its foodcourts and coffee shops.
The mainboard-listed firm has proposed an interim dividend of one Singapore cent, to be paid on Aug 30.
Executive chairman and chief executive officer Pang Lim said Koufu's local businesses continue to thrive even in a highly competitive industry. He said the company has expanded its network of foodcourts and coffee shops to 65 outlets, and this is expected to increase further. Koufu will also capitalise on opportunities to export its brands. It has already entered Indonesia and deepened its presence in Macau. Second-quarter revenue rose 7.3 per cent to $58 million with increased revenue from its outlet and mall management, and F&B retail business segments.
The outlet and mall-management segment, which makes up 50.8 per cent of the group's revenue, grew in line with the reopening of the Marina Bay Sands foodcourt which was closed for renovation last year. The segment also recorded the first revenue contribution from its new foodcourt at the University of Macau.
The rest of the group's revenue comes from the F&B retail business, which was mainly helped by new F&B stalls and kiosks.
Earnings per share for the second quarter was 1.29 cents, up from 1.27 cents a year ago.
Net profit for the first half of the year also grew 14.2 per cent to $14.1 million, as revenue gained 6.1 per cent to $115.9 million.
Earnings per share for the period stood at 2.54 cents versus 2.56 cents last year.
Singapore Press Holdings
Singapore Press Holdings (SPH) has completed its acquisition of a 20 per cent interest in KBS US Prime Property Management, which manages newly listed Prime US Reit.
SPH, which publishes The Straits Times, among other titles, had announced on June 28 that its wholly owned subsidiary Times Properties signed a call option agreement to acquire the stake in the Reit manager from KBS Asia Partners.
On Tuesday night, SPH said the conditions precedent for the completion of the call option had been satisfied, and Times Properties had exercised the call option.
The Reit manager is now an associated company of SPH.
Prime US Reit debuted on the Singapore bourse on July 19, closing at its initial public offering price of US$0.88. It is the third US office real estate investment trust to list here, following in the footsteps of Manulife US Reit and Keppel-KBS US Reit.