Restaurant chain suffers profit plunge

Half-year net profits for Quanjude, China's first listed restaurant chain, plunged 31.6 percent year-on-year.

The Shenzhen-listed chain's revenue in that period was 850 million yuan ($139 million), a year-on-year decrease of 6.52 percent. Net profit in the first six months hit 61.44 million yuan, a year-on-year decline of 31.6 percent.

The decline was the worst first half result over the past five years. Quanjude's first six months net profit growth averaged more than 20 percent from 2009.