国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Companies

XE Flavor reports record loss amid austerity drive

By Wang Zhuoqiong (China Daily) Updated: 2014-03-01 10:45

XE Flavor reports record loss amid austerity drive

A closed Beijing XE Flavor Group restaurant. The company blamed a plunge in revenues on "changes in the operating environment and a sharp drop in consumption", according to its annual results released on Thursday.[Photo/China Daily]

High-end restaurant chain Beijing XE Flavor Group said it swung to a record loss of 564 million yuan ($92.5 million) last year, reflecting the impact of the government's austerity drive.

In 2012, it made a profit of 109 million yuan.

Revenue fell 41.2 percent last year to 802 million yuan because of "changes in the operating environment and a sharp drop in consumption", according to its annual results released on Thursday.

XE Flavor reports record loss amid austerity drive

Austerity push closes high-end restaurants

XE Flavor's struggles are common in the catering industry as the austerity campaign continues this year.

Food manufacturers and catering experts said the age of high growth for luxury food products and high-end businesses has ended.

Bian Jiang, a deputy director of the China Cuisine Association, noted that the growth rate of the catering industry slowed to 9 percent last year from 13 percent in 2012 and 16 percent in 2011. Last year was the first time that growth slipped below double digits in 23 years.

The net profit of China Quanjude Group Co Ltd, a famed roast duck restaurant chain, is estimated to have fallen 28.4 percent in 2013, the first decline in five years. The company said in January that its sales were affected by a decline in high-end customers and concerns over avian flu.

Meanwhile, XE has had to adapt to changing times. It plans to target mainstream customers. It's also shut some stores that seem unlikely to be profitable again.

Five restaurants in Hohhot, Nanjing and Wuhan were closed, while the floor area of one outlet in the Xidan area of central Beijing was reduced to cut costs. The company has closed 10 restaurants so far.

XE Flavor also dropped high-priced dishes from its menu and eliminated minimum charges.

Li Qiang, secretary of the board of XE Flavor, said on Friday that the company aims to return to profitability this year by investing in diversified businesses including environmental protection and culture.

The company acquired Hefei Tianyan Green Energy Development Co Ltd in December. It also made an investment in Jiangsu Shengyi Environmental Technology Co Ltd.

Shortage of labor hobbles hiring at Beijing businesses

Reaffirm China's resolve to fight corruption

XE Flavor reports record loss amid austerity drive

XE Flavor reports record loss amid austerity drive

China's top 10 richest cities

Top 10 overseas travel destinations for Chinese riches

Hot Topics

Editor's Picks
...
...
丹巴县| 安陆市| 吉隆县| 汤原县| 南岸区| 瓮安县| 三台县| 永福县| 始兴县| 广饶县| 新沂市| 天祝| 观塘区| 新源县| 汉源县| 西林县| 武冈市| 婺源县| 赤城县| 甘德县| 普宁市| 宁海县| 读书| 云南省| 瑞昌市| 内丘县| 耒阳市| 沧州市| 安岳县| 土默特左旗| 嘉禾县| 怀来县| 崇州市| 正定县| 罗定市| 南投市| 项城市| 泽库县| 闽清县| 澄迈县| 满洲里市|