Restaurant chain operator expects 2020 profit to plummet

The company, which owns 357 outlets of BBQ chain Gogi House and beer chain Vuvuzela, targets revenue to fall 1 percent to VND4.7 trillion ($204 million).

The company said in a statement that its revenue started to fall towards the end of February. All its outlets remained closed in March and most of April as social distancing measures were imposed to curb the spread of the novel coronavirus.

By April 30, 90 percent of its outlets had resumed operations.

Golden Gate expects rising revenues in the second half of the year, and plans to open 79 new outlets and close 18 inefficient ones.

This year is set to mark the end of 10 consecutive years increasing profits, for Golden Gate. Last year, post-tax profit rose 20 percent to VND321 billion ($13.8 million).