Japan Foods widens net loss in H1

The group said it was mainly due to closures of underperforming restaurants.

Japan Foods Holdings Limited has widened its net loss to $3.3m during the first half of the financial year, as compared to a net loss of $1.6m a year prior.

The group recorded weaker sales of $36.8m and gross profit of $30.8m during the period, declining 15.2% and 16%, respectively.

The group said it was mainly due to closures of underperforming restaurants as part of its strategy to optimise its restaurant network.

Other income also declined to $300,000 due to lower government grants received.

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