CATALIST-LISTED coffee shop operator Kimly recorded a rise in net profit up in its first half of the year, even though online food delivery fees and cleaning and packing materials pushed up expenses. Read more at The Business Times.
CATALIST-LISTED coffee shop operator Kimly recorded a rise in net profit up in its first half of the year, even though online food delivery fees and cleaning and packing materials pushed up expenses.
Earnings rose 5.3 per cent year on year to S$10.5 million for the six months to March 31, as revenue grew by 3.1 per cent to S$107.4 million from new coffee shops and food stalls, the group said in unaudited financial statements released on Monday. Kimly’s board said in a statement that “we remain committed to secure more long-term direct ownership of food outlets and food stalls in mature estates”.
This is even with a deadly coronavirus pandemic that has temporarily shuttered the group’s cake shops and left its coffee shops, canteens and food courts open only for takeaway and delivery. The board cited a S$55.8 million deal, unveiled in February, to buy a portfolio of eateries in line with a strategy of long-term direct ownership of the properties in which it manages food outlets.
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