Food Junction

[dydx]

Today (19Dec11), FJ resumed buying back its own shares by buying only 5 lots at $0.185/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument [19Dec11]

Todate, FJ has bought back a total of 6,945,000 shares, or 5.36% of the total 129,632,790 issued shares.

[dydx]

Any body wants to have Eggs Benedict - the supreme egg dish? FJ has just opened its latest all-day American dining restaurant Eggs & Berries on the first level of the new Changi City Point, directly opposite Singapore Expo MRT station.....
http://info.sgx.com/webcoranncatth.nsf/V...1003CA53C/$file/120110-FJ_opens_two_restaurants.pdf?openelement

[pianist]

i went to its LP+TETSU at Tanglin Mall on the 3rd floor last month and couldn't seem to find it initially because I had mistaken its front entrance as some kinda pub/singing karaoke outlet.

[dydx]

FJ has opened its 2nd MEDZS - an open-concept Mediterranean-themed restaurant - at Millenia Walk.....
http://info.sgx.com/webcoranncatth.nsf/V...90038FDD3/$file/120322-FJ_opens_new_restaurant.pdf?openelement

FJ has also announced that soon the group will also add (1) a new-concept "Squirrel Bites" food kiosk in VivoCity, and (2) its 20th food court in Singapore in Sembawang Shopping Centre. Who says FJ's business is not growing?

[pianist]

The Board of Directors (“Board”) of Food Junction Holdings Limited (the "Company") wishes to announce that a wholly-owned subsidiary of the Company, Food Junction Beijing Co., Limited (“FJB”) has entered into a termination of the tenancy lease agreement (“Agreement”) with 北京金融街购物中心有限公司 (the “Landlord”) to pre-terminate the leasing of the premises in Seasons Place, Beijing, China. The termination was effective from 15 April 2012.
As the food court operation in Seasons Place had performed below expectation, the Board has decided to terminate the Agreement as part of the Group’s ongoing review of its operations in China to streamline its operations. In 2011, the Group had made provision for impairment on the food court
fixed assets in Seasons Place. Notwithstanding that provision for impairment on fixed assets have been made in 2011, the cessation of the food court in Seasons Place is expected to have an adverse financial impact on the financials for the first quarter ending 31 March 2012 and financial year ending
31 December 2012, as there would be other costs and expenses relating to the cessation of the food court operation in Seasons Place.
As Management is presently quantifying the financial effects of the cessation on the food court operation in Seasons Place, further announcement(s) will be released once the financial effects arising from the cessation have been finalized.

my chinese friend in beijing told me seasons place isn't a crowdy place and she never even heard of the foodcourt at the basement. i guess it is timely they should close it. i think the northern people they are not used to foodcourt concept where the serving and variety is quite small & limited.

[dydx]

I suppose the rational thing to do is to decisively close all the non-performing outlets, and the end result after the exercise ought to be higher profit from the remaining group operation.

[dydx]

FJ has opened a new-concept upscale food court trading under the name "Food Juncture Kitchen" at Sembawang Shopping Centre....
http://info.sgx.com/webcoranncatth.nsf/V...F00494741/$file/120531-Food_Junction_opens_new_concept_food_court.pdf?openelement
This new food court features a mini-restaurant concept with all 10 of its stalls designed and operated like stand-alone outlets. I shall like to ckeck it out to see if there is any real difference!

Separately, FJ has closed the food court trading under the name "Food Culture" at Century Square in Tampines.

Perhaps it is also timely to update/review FJ's food courts and various new restaurants.....
http://www.foodjunction.com/brands/

[pianist]

Ms Saw has been nominated by Auric Pacific Group Limited. The Nominating Committee has recommended the appointment of Ms Saw as Non-Executive and Non-Independent Director of the Company based on her qualifications and experience. The Board of Directors has accepted the recommendation of the Nominating Committee and approved the appointment of Ms Saw as a Non-Executive and Non-Independent.

this to me doesn't sound good, what do u think?

[dydx]

2Q/1H results just out.....
http://info.sgx.com/webcoranncatth.nsf/V...2003E19A4/$file/120806-FJH-Results_Announcement_2Q2012.pdf?openelement

While there is really nothing to shout about profit wise, I guess we should bear in mind that the 1H results included the additional costs incurred in opening new restaurants and closing some non-performing ones. I guess most of the legacy problems passed down from the previous management should have been cleared by now; of course, we cannot just assume the newly opened restaurants/outlets are trouble-free and earning a profit yet, until there are clearer signs from the profit numbers. Meanwhile, FJ Group as a whole remains a 'stable ship' - with a large net cash reserve and still generating a positive FCF aftertax but before capex.

[pianist]

This is a worrying sign - all thanks to high rentals...sometimes i think the govt should put a cap on the rentals rate imposed by landlords. If the rate goes on, food price will be unaffordable.

Banquet foodcourt chain faces cash woes
SINGAPORE - It used to be one of Singapore's largest halal foodcourt operator, but now Banquet runs only 14 eateries, down from the original 46 outlets across the island.

According to The Straits Times (ST), this is because it has run into cash-flow problems, and has been in the red for the past two years.

The foodcourt chain has also been unable to make payment to stall operators on time and this has caused some unhappiness among stallholders.

Managing director Alan Lee told ST that the company owes some 200 stallholders about $1 million.

Banquet runs foodcourts and cafes. While it engages tenants to run stalls most of the time, it also operates its own drink stalls and some cafes.


According to Mr Lee, 61, the bottom line has been hit by "an increase in rentals plus escalating wages and food costs".

Fishball noodles operator, Mr Lim Yong Xiong, 29, who operates a stall at Banquet's outlet at Clifford Centre, said the company owes him some $100,000. Apparently, he has not received payouts for last November as well as for May, June and July this year, said the report.

Another foodstall operator, Ms Angeline Ng, 38, who runs a nasi padang stall, also at the Clifford Centre outlet, said she had not received her payout for June sales and has put out a notice on her storefront saying she had no money to buy ingredients.

Mr Lee admitted that Banquet has not been prompt in making payments to stallholders, but he wants to assure them that the company is still very much in operation.

“Yes, the payment is slightly late but eventually we will pay all of them, down to the last cent,” he said.

He added that he aims to pay off all the money owed to stallholders by the year end.

Banquet collects the daily takings of its stallholders and retains 20 per cent of the monthly revenue as rent payment. The remaining 80 per cent is usually returned to stallholders in the next 14 days after the end of each month.

But as the company still faces financial difficulty, it is making payouts in two tranches - once mid-month and another time at month-end.

Mr Lee told the paper that based on his calculations and projections, it should reverse losses and make a $2 million profit by the year end.

However, to do this, Banquet needs to increase food prices to stay viable, reported ST.