Jul 2010 Financial News

Prestige improves half year

Jul 07, 2010

Prestige Holdings yesterday reported an improvement in their first half performance for 2010 over the same period the year before, mostly due to better performances of all their core Trinidad and Tobago businesses.

In the company’s unaudited results for the half year ended May 31, chairman Joseph Esau said group sales increased by 1.4 percent to $323 million.

Profit after tax from continuing operations increased by 52 percent to $14.7 million. Profit attributable to shareholders was $10 million after provisions were made for losses and closure costs of Long John Silvers. This is compared with a profit of $9.6 million recorded in the first half of 2009.

Prestige — the holder of KFC, Mrs Fields cookies, TGI Friday’s, Pizza Hut and TCBY franchises in Trinidad and Tobago, Dominican Republic, Jamaica and Barbados — generated these results from 85 restaurants compared with 84 in the same period in 2009.

Esau said better results in TT were experienced because of renewed focus on customer service and operating efficiencies.

Two new KFC outlets were opened and one closed in Arima due to reconstruction of the building by the landlord. Three unprofitable TCBY units were closed while one was opened in Price Plaza North bringing their total to five TCBY outlets in operation.

As a result, Esau said, the company expects to see improved profits in 2010.


Source:
Newsday
Wednesday July 7, 2010

http://www.newsday.co.tt/business/0,123616.html