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Tag: Jumbo

  • Restaurant openings sap Jumbo Group profit

    Restaurant openings sap Jumbo Group profit

    Jumbo Group profit fell 24.8 percent in the third quarter to S$1.7 million (US$1.2 million) as new restaurant openings added to expenses.

    The Singapore-listed restaurant group opened three new outlets in Singapore: a Jumbo Seafood at Jewel Changi, along with Zui Yu Xuan Teochew Cuisine and Chao Ting Teochew Pao Fan eateries at Far East Square.

    Sales were affected by the closure of the Jumbo Seafood restaurant on Riverwalk for one month during renovations.

    Group sales rose by 0.8 percent to $36.4 million.

    For the first nine months of the financial year, Jumbo Group profit was up 6.2 percent to $9.1 million on revenue down 0.4 per cent to $113.1 million.

    The company said in its results announcement that operating costs and tough competition across its Southeast Asian markets will continue to pose a challenge. However, the company expects new restaurants will help strengthen its market position in Singapore, “the bedrock of earnings growth”.

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  • Hong Kong’s Tsui Wah eatery to open in Singapore

    Hong Kong’s Tsui Wah eatery to open in Singapore

    Hong Kong chain Tsui Wah’s first outlet in South-east Asia will open in Singapore on June 15, in partnership with Jumbo Group.

    The cha chan teng (coffee shop-style) outlet in Clarke Quay will seat more than 140 customers and serve signature items including milk tea, crispy bun with condensed milk and curries, say the partners.

    For months, chefs from Tsui Wah in Hong Kong have been training staff in Singapore, and some of the chefs will stay on.

    Tsui Wah in Singapore is a franchise by Vista F&B Services, a JV between Tsui Wah Holdings and Jumbo Group, which is behind Jumbo Seafood restaurants.

    Funded in Mong Kok in 1967, Tsui Wah has 70 outlets in Hong Kong, Macau and China, and is known for its Cantonese-style comfort food.

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  • Hong Kong’s Tsui Wah to open outlets in Singapore

    Hong Kong’s Tsui Wah to open outlets in Singapore

    Singapore listed restaurant business Jumbo Group has signed a JV agreement with Kang Wang Holdings, a wholly owned subsidiary of Tsui Wah Holdings, to take the Hong Kong-style Cha Chaan Teng under the Tsui Wah brand into Singapore.

    It will be a 49:51 JV between a Jumbo subsidiary and Kang Wang. It has also entered into a franchise agreement with Tsui Wah International Patent, which will give the JVC the right to use the Tsui Wah trademarks and trade names in Singapore.

    The Tsui Wah Group has about 70 outlets in Hong Kong, Macau and China, and this will be it first entry into the South-east Asian consumer market.

    Jumbo says it will fund its share of investment of S$244,998 (US$186,400) in the JVC using internal resources. The agreement covers an initial 10 years.

    Founded in the Mongkok neighbourhood in 1967, the brand is known for its fishball noodles, bottled Hong Kong milk tea and crispy bread drizzled with condensed milk. At the end of January, it had 32 outlets in Hong Kong, 35 in China and three in Macau. Despite a dip in revenue, the group managed to grow its first-half profit, according to its interim results.

    “This is part of our strategy to grow our network of restaurants, and to further strengthen our foothold in Singapore,” says Jumbo group chief executive/executive director Ang Kiam Meng.

    The location of the first outlet has yet to be revealed.

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