Quanjude profit drops 27.62 pct in 2013

The net profit of country's leading catering chain, China Quanjude Group, dropped 27.62 percent year-on-year in 2013 to 110 million yuan ($17.9 million), according to financial results it released on March 11.

The results show that the group's revenue of 1.9 billion yuan declined 2.13 percent from a year earlier.

Last year, to alleviate the impact of the government anti-extravagance campaign, the chain adjusted its marketing strategies to attract mass consumers, by adding lower and medium cost dishes.

This year, Quanjude is expected to open six to eight new stores and to reach revenue of 1.91 billion yuan while growing its net profit.