Future Bright’s prospects looking up

Local restaurant operator Future Bright Holdings Ltd. saw its net profit double to HK$3.9 million (US$487,500) for the first three months of the year compared to HK$1.9 million one year ago, it informed the Hong Kong Stock Exchange yesterday.
The operator claimed that the notable increase in its net profit was attributable to the reduced losses in its three restaurants in Huafa Mall in Zhuhai as well as the improved performance of the company’s food souvenir business.
According to the filing, the company’s turnover derived from the food souvenir business soared 49.2 per cent year-on-year to HK$9.4 million for the three months compared to HK$6.3 million during the same quarter of the year.
Nevertheless, the total turnover of Future Bright still registered a year-on-year decrease of 6.8 per cent to HK$173.7 million from HK$186.4 million one year prior due to turnover generated by its restaurant business, primarily located in Macau, dropping 9 per cent year-on-year to HK$152.3 million.
‘The management considers that the operating environment in Macau is still quite challenging in 2016 with considerable uncertainty, and much will depend on the incoming number of visitors and the level of their consumption spending,’ it noted in the filing.
For the whole of last year, the restaurant operator dipped in the red from a net profit of HK$168.8 million in 2014, posting an annual net loss of HK$45.9 million due to losses in its food souvenir businesses and Zhuhai restaurants, in addition to lower turnover from its restaurants in the Special Administrative Region.