Oct 2010 Financial News

Prestige Holdings’ after-tax profit up 27 per cent

Oct 04, 2010

Prestige Holdings Ltd, which owns the KFC and TGI Friday’s chain of restaurants, has reported that profit after tax increased 27 per cent or $23.2 million in the first nine months of fiscal 2010. In unaudited results for nine months ending August 31, Joe Esau, chairman of Prestige Holdings, stated: “Profit attributable to shareholders was $18.5 million after provision for losses and closure costs of the Long Silver’s business unit in the first quarter of 2010, compared with a profit of $17 million in the first nine months of 2009.” Esau said the management at Prestige Holdings is focused on closing unprofitable business units and outlets and reducing debt.

“We reduced net debt by $22 million to $111 million in the nine months, excluding the Dominican Republic JV), after payment of dividends and investment in fixed assets amounting to $34 million, and improved the debt/equity ratio from 53:47 at the end of the last financial year to 46.54.” “Our 54 KFC restaurants performed well, although affected in the third quarter by severe flooding in Trinidad, and the early Eid fasting period, compared with last year.”


Source:
Trinidad Guardian
Monday October 4, 2010

http://guardian.co.tt/news/general/2010/10/04/prestige-holdings-after-tax-profit-27-cent