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Tuesday, June 28, 2016, 15:56

Tsui Wah profit plunges by more than half


HONG KONG — Hong Kong-listed restaurant chain Tsui Wah Holdings reported a staggering 54.5 percent plunge in net profit to HK$71.7 million (US$219,103) for the 12 months ended March 31, mainly due to the sustained economic slowdown on the Chinese mainland, the struggling local retail industry, and pressures of rising food and labor costs.

During the year under review, revenue grew by 3.7 percent to HK$1.87 billion, with mainland revenue rising 4.1 percent to HK$543.5 million and that in Hong Kong  growing 3.3 percent to HK$1.31 billion. The restaurant operator will pay a final dividend of 1.5 HK cents.

For the year ended March 31, the company opened 10 new restaurants across Hong Kong, the Chinese mainland and Macao, same as in the 2014 fiscal year. Tsui Wah currently operates 31 restaurants in Hong Kong, 24 on the Chinese mainland and two in Macao.

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