Koufu Group announced in a business update on Nov 24, that its total revenue on a same stores basis excluding new outlets decreased by 20% for the period July 1, 2021 to October 30, 2021 (the company has a Dec year end)  as compared to the same period in 2019 (pre-Covid levels). The company said it expects further impairment losses on trade receivables, property, plant and equipment as well as right-of-use-assets on non-performing outlets to be recognized in 2H2021 (for the six months to Dec 31, 2021).

See: Maybank Kim Eng initiates 'buy' on Koufu Group with TP of 78 cents

While the company's food outlets have resumed its dining-in services, the high number of daily Covid positive cases and restrictions to 2 vaccinated persons affected footfall at all food outlets including coffee shops. In a business update, Koufu says it has resumed operations of all food outlets except the Grove quick service restaurant (QSR) at Singapore Management University (SMU) and two R&B Tea kiosks at SMU and Far East Square due to low footfalls at these outlets.

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