Family entertainment centre operator TimeZone enjoyed a significant boost in income in the first quarter of the year.
The Singapore-based company, which operates 230 FECs in seven countries in Asia and Australasia, reported a 12 per cent increase in sales in the three months to March 31, compared with the same period in 2012. This was attributed to store growth of nine per cent.
The company’s operating income more than doubled, increasing 119 per cent. EBITDAR increased around 170 basis points and net income grew by 161 per cent.
“We are encouraged by the nine per cent comparative store increase in the last quarter,” said TimeZone CEO Sonaal Chopra. “Our strategy to drive more value from selected locations is gaining traction and having a profound impact on the bottom line.”
The company is seeing over 20 per cent like-for-like store growth in some markets, he said.
“We foresee healthy like-for-like store growth for 2013.”
TimeZone is part of the LAI Group, which also includes LAI Games and Embed.
