Haidilao operator Super Hi swings to $15.3m Q1 profit

Super Hi International, the operator of Haidilao's international business, posted a net profit of US$11.9 million (S$15.3 million) for the first quarter ended March 31, reversing a net loss of US$4.5 million in the same period the year before.

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The turnaround was mainly driven by a US$20.4 million reduction in net foreign exchange losses due to currency fluctuations — particularly, the revaluation of local currencies against the US dollar — said Super Hi.

Earnings per share for the company — which is listed on both the Nasdaq and Stock Exchange of Hong Kong — stood at two US cents, up from a loss of one US cent a year earlier.

Revenue rose 5.4 per cent year on year to US$197.8 million, from US$187.6 million. This was led by a 37.9 per cent increase in revenue from the delivery business to US$4 million, from US$2.9 million.