MOSCOW, June 10 (RIA Novosti) - Russia's largest restaurant company Rosinter cut its first-quarter IFRS net losses by 26.1 percent from the same period last year to 26 million rubles ($825,000), the company said on Monday, citing same-store sales growth.
Rosinter’s consolidated revenues were unchanged from the first quarter of 2012 at 2.568 billion rubles. The company’s operating profit before impairment decreased by 34.1 percent to 47.8 million rubles and EBITDA was down by 25.1 percent to 124.1 million rubles. EBITDA margin fell to 4.8 percent from 6.4 percent a year earlier.
“During first quarter 2013 our key focus has been transactions and SSSG [same store sales growth] improvement,” Rosinter CEO Kevin Todd said in a statement.
“We introduced new menus for IL Patio and Planet Sushi which was followed in the second quarter 2013 by launching new seasonal offers of our core brands supported by digital and local advertising campaigns.”
The company’s net debt was down 4 percent to 904 million rubles.
Rosinter works under its proprietary brands IL Patio (Italian cuisine) and Planet Sushi (Japanese cuisine) and also develops the international brands T.G.I. Friday’s (American cuisine) and Costa Coffee (coffee shops) under a franchise agreement.
