Jumbo Group, which operates seafood restaurants in Singapore, China and Japan, on Tuesday reported a slightly lower profit for the third-quarter profit.
Net profit attributable to the owners of the company fell to S$3.37 million in the three months ended June 30 from S$3.4 million in the corresponding period last year.
Revenue for the quarter edged up 6.4 percent to S$34.8 million, mainly due to an increase in revenue from the Singapore and the People's Republic of China operations.
Operating lease expenses rose 24.5 percent to $3.5 million due to the leases for our new outlets,
outlet expansion and new corporate offices in Singapore and Shanghai.
"The Group will also continue to focus on cost rationalisation and improving work flow processes, manpower utilisation and information technology applications to increase productivity, efficiency and to lower operating costs," the company said in a statement released after market-hours.
The company, which has 16 outlets in Singapore, plans to establish more franchised JUMBO Seafood restaurants in the next 6 months, it said.
Shares in the company ended unchanged at S$0.590 on the Singapore Exchange. The stock has lost 8 percent so far this year.