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Soup Restaurant posts 22% fall in 1Q earnings to $0.6 mil on higher depreciation

PC Lee
PC Lee5/8/2019 09:49 PM GMT+08  • 2 min read
Soup Restaurant posts 22% fall in 1Q earnings to $0.6 mil on higher depreciation
SINGAPORE (May 8): Soup Restaurant Group, the operator of a chain of restaurant outlets under the same name, reported 1Q earnings of $0.59 million or 0.21 cents per share.
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SINGAPORE (May 8): Soup Restaurant Group, the operator of a chain of restaurant outlets under the same name, reported 1Q earnings of $0.59 million or 0.21 cents per share.

This was 22.4% lower compared to a year ago on higher depreciation due to new Singapore Financial Reporting Standards SFRS(I) 16 Leases.

Revenue rose 7.2% or $0.8 million to $11.9 million. This was due to an increase in revenue from existing outlets and online delivery services of $0.2 million and a net increase in revenue from the opening and closure of outlets of $0.5 million due to mall refurbishment.

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