China's catering firms deliver stellar performance in H1

BEIJING, Aug. 29 (Xinhua) -- Many catering companies listed on the A-share market saw burgeoning profit growth in the first half of the year, boding the revival of China's consumption market.

Tongqinglou Catering Co., Ltd., which owns a time-honored brand of Anhui cuisine, saw its net profit skyrocket 589.46 percent year on year to 146 million yuan (about 20.32 million U.S. dollars) in the period, while its revenue climbed 45.18 percent year on year to 1.08 billion yuan.

Quanjude, a century-old roast duck restaurant, raked in 28 million yuan in net profit, up 118.28 percent year on year while reversing the slump.

Since the beginning of the year, China's catering sector has been warming up with pro-consumption policies taking effect.

China has adopted several measures to unleash the consumption potential in the sector, such as launching gourmet festivals, developing special food streets and promoting the establishment of semi-finished cuisine hubs.

Anjoy Foods Group Co., Ltd., a leading quick-frozen food producer, raked in 735 million yuan in net profit in the first half of the year, up 62.14 percent year on year.

China's catering market showed a stable recovery trend this year, and the strong rebound momentum is likely to continue in the future, according to Capital Securities.