Future Bright: ‘No material damage from Hato’

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Food and beverage and property company Future Bright saw an 8 per cent annual increase in its loss for the first half of the year, according to the group’s filing with the Hong Kong Stock Exchange. Losses increased to HK$16.9 million, as the group was still unable to find a tenant for its currently vacant ‘Yellow House’ property located at the bottom of the steps leading to the Ruins of St. Paul’s.
Additionally contributing to the results was a HK$10.9 million loss from the group’s food souvenir business and ‘soft performance’ of new restaurants opened in late 2016.
Despite posting revenue of some HK$411 million during the period in the food and catering business, ‘about 94.8 per cent’ of the group’s overall revenue, and a 16.2 per cent year-on-year increase, the segment still sustained a HK$6.4 million loss.
The group’s chairman, Johnny Chan See Kit, said that the second half of the year ‘should still be challenging . . . [but] . . . may improve hopefully with steady increases in visitor inflow to Macau’ as well as continued improvements in local gaming revenue.
In regard to the effects of Typhoon Hato on the company’s operations, the chairman notes it ‘has caused no material damage to the Group’s assets’.
The chairman said Future Bright will continue to look for opportunities for restaurants and food counters in Macau and for mass market restaurants in both Hong Kong and the Mainland over the next two years.
In addition, the group ‘is also exploring the viability of cautiously expanding its mass market restaurants into the Taiwan market,’ notes Chan.