Restaurant chain Jumbo Group profit doubled during its latest quarter to S$3.4 million (US$2.526 million) from S$1.7 million for the same period last year.

Its third-quarter revenue grew by 13.8 per cent to $32.7 million, up from $28.7 million.

The growth is mainly attributed to to contributions from the group’s two new Jumbo Seafood restaurants, at Raffles City Shanghai (opened in August last year) and the Shanghai International Finance Centre (opened in January), as well as an overall increase in revenue from the rest of the group’s restaurants.

Jumbo’s 101 per cent increase in profit was mainly because of co-operative ventures and a subsidiary becoming fully owned after a restructuring exercise undertaken in connection with the company’s IPO, as well as an increase in net profit.

CEO/executive chairman Ang Kiam Meng describes the results as commendable in the face of a tepid economic environment and pressure on costs. “We are especially heartened by the exemplary performance of our staff, resulting in the broad-based growth seen across the group.”

He says the F&B industry is expected to continue to be challenging, given the weak economic outlook coupled with pressure on running costs.

Meanwhile, the group is on a constant lookout for suitable opportunities to expand its network of F&B outlets and business through new outlets, acquisitions, joint ventures or strategic alliances.

Jumbo is a multi-concept dining and F&B group with a network spanning Singapore, China and Japan. It also provides catering services, and in Singapore sells packaged sauces and spice mixes.