Oct 2016 Financial News

Prestige Holdings profit down 11 per cent

Oct 05, 2016

Prestige Holdings Ltd has enjoyed a two per cent increase in revenue for the first nine months of fiscal 2016 to $736 million.

Financial results posted to the T&T Stock Exchange yesterday show that the group’s profit attributable to shareholders decreased by 11 per cent from $41.2 million to $36.6 million. Earnings per share decreased by 12 per cent. 

Chairman Christian Mouttet, in a note to shareholders, said profitability was negatively affected by approximately $4.5 million in one-off costs, the majority of which were pre-opening expenses directly related to the establishment of the Starbucks brand in T&T.

He explained: “Without these costs our results would have been on par with prior year. Our results in the third quarter, were weaker when compared with prior year, primarily due to a strong third quarter in 2015 as a result of the General Elections activities in that period.”

Mouttet said the group’s YUM brands, KFC and Pizza Hut, continue to perform well. Last month, a new KFC restaurant opened at South Park in San Fernando. The first Starbucks restaurant opened at the same location at the end August. 

“The launch of the brand in Trinidad and Tobago has been well received, with positive feedback from our customers on product quality, service and atmosphere,” he said.

“Sales at this first restaurant are performing above our plan. We will open our second restaurant at Movietowne in Port-of-Spain at the end of October, and the third unit will follow in Chaguanas before the end of the calendar year. This new brand is expected to grow our business and generate meaningful profits in the coming years.”

He said the group’s fourth quarter 2016 performance is expected to be similar to that of the prior year.

Source:
Trinidad Guardian
Wednesday October 5, 2016

http://www.guardian.co.tt/business/2016-10-05/prestige-holdings-profit-down-11-cent