Restaurant chain operator Golden Gate’s profit plummets

By Phuong Dong April 15, 2021 | 05:00 pm PT

Sumo BBQ, the Golden Gate’s Japanese barbecue restaurant in AEON Mall, southern Binh Duong Province. Photo courtesy of AEON.

Restaurant chain operator Golden Gate saw its post-tax profit plunge 79.8 percent year-on-year to VND65 billion ($2.8 million) in 2020.

It posted VND4.5 trillion in revenue, down 5 percent year-on-year, according to its financial statement.

Golden Gate attributed the plunge in profits to the Covid-19 pandemic, which forced the company to temporarily close all of its restaurants in March and April last year as the country underwent social distancing.

It had to cut expenses and implement food delivery services. A total of 18 of its restaurants were shut down last year.

By the end of 2020, its total assets and liabilities were valued at VND2.3 trillion and VND1.1 trillion, respectively.

Golden Gate was founded in 2005 with its first restaurant in Hanoi, the Ashima mushroom hotpot restaurant. It currently runs over 400 restaurants under 21 brands nationwide, with over 4,000 employees.