date:Mar 03, 2014
High-end restaurant chain Beijing XE Flavor Group said it swung to a record loss of 564 million yuan ($92.5 million) last year, reflecting the impact of the government's austerity drive.
In 2012, it made a profit of 109 million yuan.
Revenue fell 41.2 percent last year to 802 million yuan because of changes in the operating environment and a sharp drop in consumption, according to its annual results released on Thursday.
XE Flavor's struggles are common in the catering industry as the austeri