Rosinter posts net loss of 146.4 mln rubles in Q1
MOSCOW. May 30 (Interfax) - Rosinter Restaurants Holding posted a net loss of 146.4 million rubles in the first quarter under International Financial Reporting Standards (IFRS), the company said in a statement.
The restaurant group posted a net profit of 22.3 million rubles in the same quarter last year.
EBITDA totaled 7.2 million rubles compared with 254.9 million rubles a year earlier.
Consolidated net revenue was up 9.8% to 2.489 billion rubles in the latest quarter.
Income at comparable Rosinter restaurants increased 10% to 2.362 billion rubles, at franchises - 35.9% to 75.9 million rubles.
Gross profits came to 428.3 million ruble, 19.3% less year-on-year, the margin dropped to 17.2% from 23.4% in Q1 2010.
"Gross profit margin decreased to 17.2% in 1Q 2011 to RUB 428.3 mln. This reduction is mainly due to the increased food and beverage cost, payroll expenses, utilities and materials. Food and beverage cost margin increased to 24.3% in 1Q 2011 from 23.0% in 1Q 2010 which was driven by the Company's deliberate strategy on pricing changes targeted at a step-by-step passing of the purchases inflation on to the consumers. Payroll and related taxes increased to 25.0% as percentage of revenue due to restaurant staff wages realignment and increase of the social tax rates. Increase in utilities and materials as percentage of revenue was driven by the seasonal sales dynamics and the Company's continued strategy to maintain high quality standards of restaurant premises," the report says.
Post-operational losses on operations came to 95.35 million rubles compared to operating profits of 156.47 million rubles in Q1 2010.
The margin on operating profits decreased to 3.8% from 6.9% in the first quarter of 2010 as a result of a decrease in gross profits, increased spending on the opening of new restaurants,