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Article: Restaurant Brands slashes div
- Article from:
- The Press
- Article date:
- October 13, 2006
- Author:
CopyrightCopyright 2006 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Restaurant Brands is slashing its dividend, after a $2.6 million
write- off on its Australian Pizza Hut business left its interim
earnings only just better than break-even.
The Auckland owner of KFC, Pizza Hut, and Starbucks chains made an
interim profit of just $200,000, down 92 per cent from $2.7m in the
same period last year.
Restaurant Brands' share price dropped 6c to 94c on the news,
taking the price to a low last seen in 1999. Shares recovered at the
close off 2c at 98c.
The interim dividend was cut from 4.5c to a fully imputed 2.5c a
share, payable on November 24.
Chief executive Vicki Salmon said Pizza Hut in New Zealand and
Australia had been hit by rising labour, cheese, ...