HONG KONG (XFN-ASIA) - Ajisen (China) Holdings said its first-half to June net profit surged 90.6 pct year-on-year to 106.96 mln yuan on the back of a rapid expansion in its chain of restaurants on the mainland.
The number of its restaurants has increased to 167 currently, from 150 at the end of June, and 120 at the end of last year, it said.
The company said it aims to extend further its restaurant chain to 200 by the end of this year and to about 320 by the end of next year.
Turnover for the six-month period rose 41.6 pct year-on-year to 390.88 mln yuan.
Its restaurant operations contributed the bulk of revenue, rising 52.4 pct year-on-year to 361.07 mln yuan.
Ajisen said it has been expanding its food manufacturing and processing facilities in Shanghai and Shenzhen to meet demand from the increasing number of the group's restaurants.
The group currently has 15 production lines in the Shanghai factory and plans to add five more this year, it said.
It also plans to establish a new manufacturing plant in Shanghai next year.
Earnings per share stood at 0.1217 yuan, up from 0.0791 a year earlier.
The board did not recommend any interim dividend.
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The Group’s nationwide network comprises 232 restaurants. According to China Statistic Bureau, China has a total of 652 cities, and the Group's chain network covers only 40 of them.
To date, Ajisen restaurants have entered 40 cities in 17 provinces of the PRC. According to China Statistic Bureau, China has a total of 652 cities, and the Group's chain network covers only 40 of them.
Among the major cities, the international metropolis Shanghai has the largest number of Ajisen restaurants, being 53, followed by 27 in Shenzhen and 14 in Beijing, together with the remaining 92 restaurants spanning across other major cities from the southern to the northern region of the PRC.
In Hong Kong, Ajisen operates 24 chain restaurants with its chain network covering all the major business areas of the city.