Zhitong Finance App News, 1957 & CO. (08495) released the third quarter results for the nine months ended September 30, 2023. The group obtained revenue of HK$341 million during the period, an increase of 40.15% over the previous year; losses attributable to shareholders of HK$1.087 million, up 547.61% year on year; and basic loss of HK$2.89 per share.

According to the announcement, revenue from Shanghai-style restaurants originating from self-operated Shanghai-style restaurants increased by about HK$48.1 million, or about 62.3%, from about HK$77.2 million in the nine months ended September 30, 2022 to about HK$125 million during the review period. The sharp increase in revenue was mainly due to the revenue generated by the Xinyu Family Shanghai Restaurant, which opened in Wai Fong, Shatin at the end of July 2023, and the rebound in earnings after the Hong Kong Government of China lifted all social distancing measures for the restaurant industry.