FAST NEWS: Super Hi swings to the red on higher forex losses
The Latest: Super Hi International Holding Ltd. (9658.HK), the international business unit of Chinese hotpot giant Haidilao (6862.HK), announced Monday that it lost $4.54 million in the first quarter of this year, mainly due to a big jump in foreign exchange losses.
Looking Up: The company’s revenue for the period rose 16.6% to $188 million, boosted by increases in its table turnover rate, total guest visits and same-store sales.
Take Note: The company’s raw material and staffing costs increased by 16.5% and 19.8%, respectively, due to the expansion of its restaurant network.
Digging Deeper: As the international arm of Haidilao, Super Hi operated 115 restaurants in 12 countries across Asia, North America, Europe and Australia by the end of 2023, mostly in Southeast Asia and the West Coast of North America. The company has seen consistent revenue growth over the past three years and successfully listed in Hong Kong in 2022. Late last month, it filed an IPO prospectus for a second listing in New York, with plans to reportedly raise up to $100 million, spurring a surge in its Hong Kong shares.
Market Reaction: Super Hi’s shares closed down 0.48% at HK$16.60 by the midday break on Tuesday, near the upper end of their 52-week range.
Translation by A. Au
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