Half-year profits fall 17% at Restaurant Brands

Oct. 16, 2002

AUCKLAND, New Zealand -- Restaurant Brands, operator of Pizza Hut, KFC and Starbucks stores in New Zealand and Australia, reported $5 million (U.S. $2.74 million) in half-year profits (to Sept. 9, 2002), a drop of 17.5 percent compared to the same period last year.

According to the New Zealand Herald, the company blamed the fall on expansion-related costs. In March it spent $14 million (U.S. $7.67 million) buying 51 Pizza Hut outlets in Victoria, Australia.

The company's New Zealand operations posted a 6 percent profit increase compared to last year's performance.

Restaurant Brands chief executive Jim Collier said he expects stronger performance from all its operations in the second half of fiscal 2002.

Topics: Public Companies

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