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Financial Highlights

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Revenue ($'000)

Profit before tax ($'000)



$'000 FY2014 FY2015 FY2016 FY2017 FY2018
Revenue 112,404 122,795 136,752 145,103 153,049
Profit Before Tax 15,591 15,141 18,438 17,819 13,493
Profit for the Year 13,778 13,322 15,708 15,040 10,617
           
Net Profit Attributable to          
Owners of the Company 11,521 10,600 15,508 14,472 11,022
Fellow Co-operative Venturers 1,828 2,152 - - -
Non-controlling Interests 429 570 200 568 (405)
  13,778 13,322 15,708 15,040 10,617
           
Basic and diluted earnings per share (cents) 1.8 1.7 2.4 2.3 1.7

Review Of The Group's Performance

Revenue

Revenue increased by 5.5% or $7.9 million, from $145.1 million in FY2017 to $153.0 million in FY2018. Revenue from our Singapore operations increased by $2.1 million while revenue from our outlets in the PRC increased by $5.8 million with full year revenue contributions from 2 new Jumbo Seafood restaurants in Shanghai and Beijing, PRC as well as 4 months revenue contribution from our new Jumbo Seafood restaurant in Xi’an, PRC.

Cost of sales

Cost of sales which comprised raw materials and consumables used increased by 7.4% or $3.9 million, from $53.2 million in FY2017 to $57.1 million in FY2018, in line with the increase in revenue.

Gross profit

Gross profit increased by 4.4% or $4.1 million, from $91.9 million in FY2017 to $96.0 million in FY2018, due to the increase in revenue. Gross profit margins were 63.4% in FY2017 and 62.7% in FY2018.

Other income

Other income increased by 31.6% or $0.9 million, from $2.7 million in FY2017 to $3.6 million in FY2018, largely due to write back of impairment loss on investment in associates amounting to $0.5 million and an increase in franchise income of $0.4 million.

Employee benefits expense

Employee benefits expense increased by 13.7% or $5.7 million, from $41.8 million in FY2017 to $47.5 million in FY2018. This was mainly due to an increase in manpower for our new Jumbo Seafood restaurants in the PRC and an overall increase in headcount in our Singapore and PRC corporate offices to support our regional expansion.

Operating lease expenses

Operating lease expenses increased by 3.0% or $0.4 million, from $13.9 million in FY2017 to $14.3 million in FY2018, mainly due to leases for our new Jumbo Seafood restaurants and expansion of our PRC corporate office.

Utilities expenses

Utilities expenses increased by 12.1% or $0.4 million, from $3.3 million in FY2017 to $3.7 million in FY2018, in line with the increase in the number of Jumbo Seafood restaurants and expansion of our PRC corporate office.

Depreciation expense

Depreciation expense increased by 5.6% or $0.2 million, from $4.6 million in FY2017 to $4.8 million in FY2018, mainly due to the increase in number of Jumbo Seafood restaurants and expansion of our PRC corporate office.

Other operating expenses

Other operating expenses increased by 16.1% or $2.2 million, from $13.5 million in FY2017 to $15.7 million in FY2018, mainly due to the increase in the number of Jumbo Seafood restaurants and expansion of our corporate offices.

Income tax expense

Income tax expense increased by 3.5% or $0.1 million, from $2.8 million in FY2017 to $2.9 million in FY2018, mainly due to higher taxable profits in our Singapore operations, and under provision for tax in prior years.

Profit after tax

Profit after tax decreased by 29.4% or $4.4 million, from $15.0 million in FY2017 to $10.6 million in FY2018.

Profit attributable to owners of the Company

Profit attributable to owners of the Company decreased by 23.8% or $3.5 million, from $14.5 million in FY2017 to $11.0 million in FY2018.

Review Of The Group'S Financial Position

Current assets

The Group’s current assets decreased by $1.9 million, from $62.2 million as at 30 September 2017 to $60.3 million as at 30 September 2018, mainly due to the decrease in cash and cash equivalents of $4.7 million and partially offset by higher trade and other receivables of $2.7 million.

Non-current assets

The Group’s non-current assets increased by $6.7 million, from $21.0 million as at 30 September 2017 to $27.7 million as at 30 September 2018, mainly due to an increase in property, plant and equipment of $1.4 million for the new outlets in Shanghai and Xi’an, PRC and renovation works in our central kitchen in Singapore, an increase in investment in associates of $1.5 million due to the establishment of the new joint venture companies in Taiwan and Singapore and an increase in investments at fair value through profit or loss (investment in a discretionary fund) of $3.7 million.

Current liabilities

The Group’s current liabilities increased by $3.7 million from $14.4 million as at 30 September 2017 to $18.1 million as at 30 September 2018 mainly due to the increase in trade and other payables.

Non-current liabilities

The Group’s non-current liability in relation to deferred tax liability remained at $0.3 million as at 30 September 2017 and 30 September 2018.

Review Of The Group's Cash Flow Statement

The Group generated net cash from operating activities before movements in working capital of $18.3 million in FY2018. Net cash generated from working capital amounted to $1.0 million mainly due to an increase in trade and other payables of $3.7 million and partially offset by an increase in trade and other receivables of $2.7 million. The Group paid income tax of $3.1 million. As a result, net cash generated from operating activities was $16.2 million in FY2018.

Net cash used in investing activities amounted to $11.3 million in FY2018 and was mainly for the acquisition of property, plant and equipment for our new outlets in Shanghai and Xi’an, PRC amounting to $6.2 million, investment in an associate of $1.4 million and investment of $4.0 million in a discretionary fund classified as investments at fair value through profit or loss under non-current assets in the balance sheet.

Net cash used in financing activities for FY2018 amounting to $9.6 million was due to payment of dividend to owners of the Company of $10.9 million and partially offset by proceeds of $1.3 million from issuance of shares to a non-controlling interest in a subsidiary company.

As a result, cash and cash equivalents decreased by $4.7 million in FY2018.