SINGAPORE (Nov 9): Bakery group BreadTalk’s nine-month earnings dropped 22.7% y-o-y to $6.5 million on the back of a $3.5 million depreciation expense from newly opened outlets during the year, as well as higher operating cost environment in Singapore and China.

Revenue rose 7.9% to $469 million, owing to increased contributions from all divisions. The bakery division recorded a 7.1% increase in revenue to $232.4 million due to an increase in the number of outlets to 835 and strong same-store sales in its Singapore Toast Box outlets.

Its food atrium business recorded a 6.8% increase in revenue to $130.2 million, driven by strong sales in Singapore and Hong Kong.

Restaurant division’s revenue went up 11% to $106.4 million from strong same-store sales growth and higher revenue from its Din Tai Fung outlets in Thailand.

BreadTalk closed 0.8% higher at $1.20.