Jumbo's attributable profit skyrockets 101% YoY to $3.4m in Q3

Thanks to joint ventures, strong China performance.

Jumbo Group Limited's (Jumbo) closed a stellar 3QFY16, as attributable profit soared 101% YoY to $3.4m.

According to the company's news release, the boost is due mainly to co-operative ventures and a subsidiary being fully owned by Jumbo after the restructuring exercise undertaken in connection with Jumbo's initial public offering.

The company's raised net earnings driving up attributable profit for the quarter—profit after tax skyrocketed 62.8% YoY to $2.1m during the quarter.

Jumbo's two new Jumbo Seafood restaurants at located at Raffles City Shanghai (opened in August 2015) and the Shanghai International Finance Centre (opened in January 2016) in Shanghai also performed robustly in Q3. As a result, revenue climbed 13.8% YoY to $32.7m.

Expenses during the quarter grew across the board, with the exception of other operating costs which edged down 2.6% YoY to $3m.

Looking forward, the company expects the food and beverage industry to remain challenging, in light of the soft bleak economic outlook on top of pressure of operating costs.