Future Brights losses double in H1

Losses reported by Future Bright Holdings Limited doubled in the first half of this year to MOP103.7 million (US$12.8 million) from the same period of last year, the group’s latest financial report indicates.

Overall during the same period, the group’s revenue plunged by 42 per cent year-on-year to HK$135.3 million, representing, a crop attributed to the outbreak of the Omicron variant of COVID-19 pandemic since early 2022 and the closure of restaurants.

Between January and June, the company headed by the legislator and businessman Chan Chak Mo saw its restaurants, industrial catering business and food souvenir business record a 33 per cent decrease in-store performance in line with the reduction of visitor numbers in the SAR.

The group’s food and catering business contributed some HK$120 million in turnover representing about 88.7 per cent of Future Bright’s turnover in the first half of 2022, even as the group closed 10 restaurants and eight food counters during a one-year period.

Being still under the market uncertainty so created by the COVID-19 pandemic, Future Bright considered that there may be adverse developments in the pandemic situation and lingering economic effects and health concerns that will affect the group’s business for a longer period.

“Management expects that the operating environment of the Group in the second half of 2022 will still be very challenging, and will continue to be financially cautious and prudent to alleviate and mitigate any negative impact in this uncertain economic environment,” the report included.