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17-01-2020, 09:16 AM
The math isn't that hard to work out. Bakery franchise should be profitable since it's all franchise fees with almost zero operating cost. Observing the crowd at their Singapore bakeries (BT & Toastbox), it should be highly profitable. Yet overall, bakery's net margin is so narrow-thin. Either something is not right or their China operation is losing heavily.
Margins for DTF and food courts are high too. Yet consolidated margins are so low. I am not so sure where along the P&L has all the profit gone to...
It's unfortunate that DTF's performance is diluted by their other under-performing businesses. The one brand that they don't own is their best performing one.
Margins for DTF and food courts are high too. Yet consolidated margins are so low. I am not so sure where along the P&L has all the profit gone to...
It's unfortunate that DTF's performance is diluted by their other under-performing businesses. The one brand that they don't own is their best performing one.
"Criticism is the fertilizer of learning." - Sir John Templeton