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Article: Aust Pizza Hut purchase knocks ResBrands
- Article from:
- The Press
- Article date:
- October 18, 2002
- Author:
CopyrightCopyright 2002 The Press. Provided by ProQuest LLC. (Hide copyright information)
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The costs incurred in starting Restaurant Brands' new Australian
business contributed to a 21 per cent drop in half-year profit, the
company said yesterday.
Net profit after tax was $5 million for the six months to
September 9, down from $6.3m the same time last year.
Restaurant Brands operates the New Zealand KFC, Starbucks, and
Pizza Hut franchises, and bought 51 Pizza Hut outlets in the
Australian state of Victoria.
Shares in Restaurant Brands closed 2c lower at 172c yesterday.
Chief executive Jim Collier said it was confident it could turn
the Victoria Pizza Hut business around despite it being forecast to
make a full-year loss of around $A3m ($NZ3.4m).
"We believe that the measures ...