MOSCOW, December 19 (RIA Novosti) – Russia’s largest restaurant company Rosinter cut its nine-month net loss by 66.8 percent to 91.728 million rubles ($2.9 million) year-on-year to IFRS, the company said in a statement on Wednesday.
In 9M 2012, consolidated revenue increased by 3.6 percent compared with 9M 2011 to 7.861 billion rubles, “driven by a 3.4 percent increase in revenue from restaurants and by a 4.7 percent increase of revenue from franchising.”
Rosinter’s gross profit increased 3.6 percent to 1.485 billion rubles and operating profit before impairment soared 741.1 percent to 253 million for an operating margin before impairment of 3.2 percent compared with a margin of 0.4 percent in the same period last year.
The company’s EBITDA increased by 179.4 percent to 385.3 million rubles for an EBITDA margin of 4.9 percent compared to 1.8 percent in January-September 2011.
Net debt fell by 16 percent to 1.064 billion rubles, with the net debt/EBITDA ratio falling to 1.8 as of September 30, 2012 from 3.8 on December 31, 2011.
“Our nine-month 2012 financial performance is in line with our expectation and reflects the consequences of a slow traffic flow dynamic that our new team has been addressing with a phased strategy since July this year,” Rosinter CEO Kevin Todd said in a statement.
Rosinter works under its proprietary brands IL Patio, Planet Sushi and 1-2-3 Cafe and licenses the T.G.I. Friday’s brand. Through a joint venture with Whitbread Plc the company is currently developing the Costa Coffee chain in Russia.
As of late August 2012, Rosinter Restaurants Holding operated 409 outlets in Russia, the CIS and Eastern Europe, including Baltic countries.