NZ's Restaurant Brands year profit up solidly
New Zealand fast food operator Restaurant Brands Ltd's full-year profit rose 23.5 percent because of…New Zealand fast food operator Restaurant Brands Ltd's full-year profit rose 23.5 percent because of higher sales and lower costs, the company reported on Wednesday and said it was optimistic of beating the result in the coming year.
The company, which operates the KFC, Starbucks, Pizza Hut and Carl's Junior franchises, reported a net profit, NZ$20 million ($17.3 million)for the year ended Feb. 28, from NZ$16.2 million a year ago.
Excluding non-trading items the net profit was up 6.8 percent to NZ$18.9 million from NZ$17.6 million.
Restaurant Brands declared a final dividend of 10 cents per share, taking the full year payout to 16.5 cents against last year's 16 cents.
It said it had had a strong start to the new trading year and given the improving economy was "cautiously optimistic" of a net profit of more than NZ$20 million.