SINGAPORE (Nov 14): Soup Restaurant announced that its 9M17 earnings increased 68.6% to $995,000 compared to $590,000 in 9M16.

Revenue for the nine months ended September increased 7.9% to $30.4 million from $28.2 million a year ago, lifted by revenue from new outlets of $6.0 million but offset by a decrease in revenue from existing outlets and closure of outlets of $3.6 million.

Revenue for the food processing, distribution and procurement services segment has decreased by $0.2 million due to rescheduling of promotional events.

Other income dropped 20.1% to $426,000 from $533,000 a year ago, mainly related to government grants received for the Wage Credit Scheme and Special Employment Credit.

Changes in inventory increased more than tenfold to $128,000 from $12,000 in the previous year.

Other expenses increased 7.3% to $11.0 million from $10.2 million last year, mainly due to a net increase as a result of the opening and closure of outlets.

Looking forward, the group says it will continue to focus on strengthening its brands with an intention to increase product offerings, while tapping on the online delivery trend though partnership with a service provider.

The group is also taking the opportunity to consolidate and streamline processes to achieve economies of scale through its central processing resources to increase its distribution capacity, tightened costs control and improved its productivity.

Shares in Soup Restaurant closed 1 cent higher at 16 cents on Tuesday.

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