Soup Holdings, formerly Soup Restaurant Group, has reported earnings of $1.1 million in the 1HFY2022 ended June, over six times more than the earnings of $172,000 in the same period the year before.
Earnings per share (EPS) increased by 550% y-o-y to 0.39 cents on a fully diluted basis, from 0.06 cents in the 1HFY2021.
Revenue increased by 26.2% y-o-y to $19.0 million, due to higher revenue from the group’s operation of restaurants segment. The segment's higher revenue, in turn, increased on the back of higher revenue from its existing outlets. In addition, the higher revenue came from a low base as dining-in restrictions and additional safe-management measures affected the group’s sales in the 1HFY2021.
The higher revenue was offset by lower revenue from the food processing, distribution and procurement services segment.
Other income fell by 57.6% y-o-y to $789 million mainly due to lower payouts from the government as well as rental rebates from landlords.
There was no impairment loss on plant equipment in the 1HFY2022, compared to the $116,000 loss in the 1HFY2021.
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Finance costs also fell 41.7% y-o-y to $84 million.
As a result, profit before income tax surged 761.7% y-o-y to $1.2 million.
As at June 30, non-current assets increased by 15.7% q-o-q to $9.6 million from the $8.3 million as at Dec 31, 2021. This is mainly due to additional right-of-use assets of $4.5 million as a result of lease renewals, offset against the depreciation and amortisation expenses of $3.2 million.
Current assets increased by $0.5 million as compared to FY2021 mainly due to an increase in cash and cash equivalents of $1.2 million, offset against a decrease in trade and other receivables of $0.6 million.
Cash and cash equivalents as at June 30 stood at $12.0 million.
Shares in Soup Holdings closed flat at 8.9 cents on Aug 4.
