Japan Foods sees 39% fall in 1H net profit to $1.7m

Japan Foods Holding, the food and beverage group specialising in Japanese-branded cuisine, today reported a net profit of $1.7 million for the six months ended 30 September 2011 (1H2012), compared to $2.8 million achieved in the same period last year (1H2011).

Group revenue grew by 8.1% from $24.2 million in 1H2011 to $26.2 million in 1H2012, boosted by the net increase of 7 new restaurants and 2 Botejyu Yatai outlets located in food courts.

However gross profit was affected by higher selling and distribution expenses, which mainly comprised manpower, rental, depreciation and utilities expenses. This was not only due to the increase in the number of restaurants in operation in 1H2012, but also due to the rise in rental rates and tightening of labour supply.”