Food and beverage maker BreadTalk Group on Thursday reported a near 62 percent jump in second-quarter profit powered by an increase in other income and reduced expenses.
Net profit climbed to S$2.11 million in the quarter from S$1.30 million a year earlier while other income advanced 18.7 percent to S$5.68 million
Revenue fell 1.5 percent to S$147.57 million in the quarter ended June 30.
Revenue declined 3.2 percent at its bakery division due to weaker direct operated stores performance at Shanghai and Beijing.
During the first-half, company ended franchise agreements of some underperforming franchisees in China as part of its efforts to evaluate and streamline its bakery segment, the largest revenue contributor to the group.
BreadTalk, whose brands include Toast Box, Food Republic, Din Tai Fung and Bread Society, said it remains on course to consolidate underperforming operations and expand its footprint in high performing markets.
The board recommended an interim dividend of 1 cent per share.
Shares in the Singapore-listed firm fell 3 percent at S$1.74 as of 0430 GMT in a broader market that was down 0.13 percent. Stock has gained 52 percent so far this year.