Burger Fuel posts first-half loss, looks to control costs
Dec. 8 – Burger Fuel Worldwide Ltd. posted a first-half loss and said it is concentrating on cost control amid market
volatility.
The net loss was NZ$669,000 in the six months ended Sept. 30, from a loss of NZ$1.36 million a year earlier, the
company said in statement. Total sales for the franchise system rose 12% to NZ$12 million, generating operating revenue
of NZ$3.5 million.
As the New Zealand economy contracts, the roll-out of new stores has been “significantly slower than anticipated” and
probably won’t pick up until at least April next year, chief executive Chris Mason said.
The company doesn’t anticipate significant growth in the 2009, given the global economic slump, and the focus “will
remain on preserving margins and reducing cost where possible, as well as achieving growth where possible,” Mason said.
The burger chain’s stock last traded on Dec. 5 at 38 cents on the NZAX and has fallen about 40% this year.
(Businesswire.co.nz)
ENDS