Formosa International Hotels Corp (FIH, 晶華國際酒店集團) yesterday said that its net income last quarter grew 8.92 percent from a year earlier to NT$113 million (US$4.06 million), as food and beverage (F&B) sales improved, but the pace of growth lost steam following spikes in local COVID-19 infections and restrictions on gatherings.
The company, which operates hotels under the Regent Taipei (台北晶華酒店), Silks Place (晶英酒店) and Just Sleep Hotel & Resort (捷絲旅) brands, as well as independent restaurants the Spice Market (泰市場) and Just Grill Steakhouse, said it is looking at a revenue pickup this quarter after the government allowed the conditional resumption of dine-in services this month.
Food takeout helped mitigate the pains of the outbreak, helping combined revenue post a mild 1.51 percent increase to NT$1.03 billion during the April-to-June period, FIH said.
Photo courtesy of Formosa International Hotels Corp
Business had fared strong before the announcement of a nationwide level 3 COVID-19 alert on May 19, supported especially by Mother’s Day sales, it said.
The latest outbreak hit the hospitality industry harder this time around, but FIH preserved 50 percent of its food and beverage revenue thanks to its “Take Regent Home” campaign, or takeout services featuring popular dishes at discount prices, it said.
For the first six months, net income stood at NT$482.93 million, or earnings per share of NT$2.98. That represented a 61.08 percent jump from the same period last year, when the group failed to take advantage of online commerce.
The worst is likely over now that the government has allowed gatherings of 50 people indoors and 100 outdoors, FIH said, adding that it has stepped up hygiene standards at its venues to ensure dine-in safety.
The group is also introducing campaigns to shore up food and beverage sales for the upcoming Lovers’ Day this week and the Mid-Autumn Festival next month, it said.
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