Feb 2015 Financial News

Prestige Holdings records $50.3m after-tax profit

Feb 11, 2015

Prestige Holdings, operator of KFC, Subway and TGIF restaurants, has posted a profit after tax of $50.3 million for its financial year ended November 30, 2014.

This was a 13 per cent increase, up from $44.3 million in 2013, the company said in published audited results yesterday.

Group sales improved by two per cent to $922 million last year, compared to $902 million in 2013.

But Prestige said in its report that while overall financial results were positive, the “severe labour problems endemic in the Trinidad and Tobago economy” continue to seriously impact revenue and profitability. This was especially in the company’s KFC and Subway brands, Prestige said.

“It is impossible to overstate the impact that labour shortages and high absenteeism are having on our operations,” Prestige stated. Conversely, the company said, it would have enjoyed substantially higher revenues and profitability in recent years had it been able to meet required staffing levels. The Prestige board of directors  has recommended a final dividend of 17 cents per share, payable on May 8, which will bring dividends payable for 2014 to 32 cents per share.

Prestige said it expected improved results in 2015 but could not ignore the expected negative impact that lower energy prices will have on the economy.

Prestige operated 111 restaurants at the end of 2014. Its stock closed at $9.66 per share on the stock exchange yesterday.  

Source:
Trinidad Express
Wednesday February 11, 2015

http://www.trinidadexpress.com/business/Prestige-Holdings-records--503m-after-tax-profit-291462071.html