日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
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
...
...
主站蜘蛛池模板: 午夜精品久久久久久久99 | 99视频精品在线 | 一区二区三区久久 | 精品久久伊人 | 精品久久一区二区三区 | 人人艹人人爱 | xxx日本黄色 | 日韩欧美一二区 | 超碰成人免费 | 青春草在线免费观看 | 免费黄色小视频在线观看 | 亚洲五月婷婷 | 国产精品嫩草影院俄罗斯 | 亚洲va在线 | av黄色免费网站 | 狂野欧美性猛交 | 美女日日日 | 亚洲天堂av一区 | 在线观看中文字幕 | 久久精品在线观看 | 你懂的在线免费观看 | 国产一区二区在线免费观看 | 亚洲淫片 | 黄色国产一级片 | 激情视频网站在线观看 | 亚洲影院在线观看 | 亚洲aaa级| 美女网站在线看 | 日本亲子乱子伦xxxx50路 | 日日夜夜免费精品视频 | 蜜桃亚洲 | 国产在线一区视频 | 麻豆亚洲一区 | 日韩综合一区二区 | 91爽片| 91破解版在线观看 | 国产在线视频在线观看 | 四虎免费在线视频 | 亚洲成人a√ | 成人短视频在线免费观看 | 精品免费在线观看 |