Food Junction Holdings reported a 42.6% drop in net profit to $504,000 for the first quarter ended 31 March 2010 (1QFY2010), compared to $878,000 in the previous corresponding quarter (1QFY2009).

The fall in turnover was led by a $509,000 decrease in sales from self-operated food court stalls as the group streamlines some of its food court stall operations in Singapore; the closure of Kokoro premium gift shop; and the decrease in Malone’s restaurant sales revenue by $125,000, partially due to the impact of the strengthening of the Sing dollar against the yuan.

In 1Q FY2010, the group managed and operated 17 food courts (1Q FY2009: 16), 58 self-operated food court stalls (1Q FY2009: 56), 1 Japanese restaurant, Tetsu (FY2009: 1), 2 Malone’s restaurants: 1 self-operated and 1 franchised (1Q FY2009: 1 self-operated and 1 franchised) and 1 So EZ cooking studio.

Food Junction expects operating conditions to improve this year, in line with the economic recovery.