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Country Style Cooking turns profit into loss in Q4

Mar. 2, 2012 (China Knowledge) - Country Style Cooking Restaurant Chain Co Ltd<CCSC>, a fast-growing quick service restaurant chain in China, suffered a net loss of RMB 18.9 million in the fourth quarter of 2011, whereas it earned RMB 14.1 million in net profit in the same period of 2010.

On a non-GAAP basis, the U.S.-listed firm's net loss was RMB 13.7 million in the three months ended Dec. 31, 2011, compared with a net profit of RMB 16.3 million in the corresponding period of 2010.

Basic and diluted loss per American Depositary Share was RMB 0.73, while non-GAAP basic and diluted loss per ADS was RMB 0.53. Each ADS represents four ordinary shares.

Revenue for the fourth quarter of 2011 totaled RMB 272.4 million, up 29.5% year on year from RMB 210.3 million.

For the whole year of 2011, the company saw net loss reach RMB 7 million, whereas it earned RMB 62.8 million in net profit in 2010. Non-GAAP net profit for 2011 stood at RMB 26.6 million. Basic and diluted loss per ADS was RMB 0.27 last year.

The Chinese fast-food restaurant reaped RMB 1 billion in revenue last year, reflecting a year-on-year increase of 36.7% from RMB 745.9 million.

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