Chinese roast duck restaurant Quanjude has published its annual financial report for 2008 and states that despite increased revenues and profits, in view of a slowdown in the economy it will revamp its expansion plans for 2009.
According to the report, Quanjude made revenues of CNY1.112 billion in 2008, a year-on-year increase of 21.32% and its net profit increased by 17.62% to CNY75.651 million. Quanjude will focus on developing directly-managed restaurants in its target market and the company says it will take a prudent approach towards setting up new projects in 2009.
The report shows that in the fourth quarter of 2008, the company's net profit was CNY14.6 million, which was lower than that of CNY28.05 million in the third quarter. The company attributed the profit decline to the contraction of the high-end business banquet market, the decrease of the number of foreign tourists to China, and the drop of consumer demand.
Quanjude expects that its revenue in 2009 will show a slight increase compared with that of 2008 and its revenue and net profit this year are expected to be CNY1.112 billion and CNY107 million, respectively.