Sakae Sushi warns of pressure from rents, staff costs as H1 profit falls
- POSTED: 08 Aug 2014 22:33
Looking ahead, the firm cited challenging operating conditions in the F&B industry.
SINGAPORE: Sakae Holdings on Friday (Aug 8) warned of challenging conditions in Singapore's food and beverage industry as net profit for the half year fell 19 per cent.
Sakae Holdings, which operates the Sakae Sushi chain of restaurants, earned S$2.55 million in the half year ended June, down from S$3.15 million in the same period a year ago due to higher staff and raw material costs. Its revenue fell slightly to S$51.50 million from S$51.65 million.
Looking ahead, the firm cited challenging operating conditions in the F&B industry. The problems faced by restaurant owners include rising rents, food and staff costs coupled with the ongoing labour crunch arising from the tightening of the foreign worker quota.