Hong Kong restaurant group Future Bright profit doubled in the first quarter of this year to HK$3.9 million.
Net profit reached HK$3.9 million (US$487,500) for this quarter, compared to HK$1.9 million for the same period last year.
It says the increase is attributable to the reduced losses in its three restaurants in Huafa Mall in Zhuhai, on the Chinese mainland, as well as the improved performance of its food souvenir business.
Turnover from the food souvenir business soared 49.2 per cent year-on-year to HK$9.4 million, compared to HK$6.3 million for the same quarter last year.
Nevertheless, Future Bright’s total turnover still shrank by 6.8 per cent to HK$173.7 million from HK$186.4 million. This is mainly because of its restaurant business, primarily in Macau, saw turnover drop 9 per cent to HK$152.3 million.
The company says the Macau market is still “quite challenging” with considerable uncertainty.
After a net profit of HK$168.8 million in 2014, the group dipped in the red last year with a loss of HK$45.9 million.