Russia’s largest restaurant company Rosinter cut its first quarter net loss to 35.7 million rubles ($1.1 million) from 146.4 million rubles ($4.504 million) year-on-year to IFRS, the company said in a statement on Wednesday.
Rosinter’s EBITDA skyrocketed 1,624 percent to 165.646 million rubles due to increase in operating profit margin and lower selling, general and administrative expenses with revenue rising 3.9 percent to 2.571 billion rubles.
“Our consolidated sales increased by 3.9 percent reflecting flat like-for-like sales and increased contribution of new openings. Our like-for-like traffic improved to minus 5.1 percent in the first quarter in 2012 from minus 8.3 percent in the fourth quarter of 2011 but remained under pressure during the quarter, however the effect of price increases and average check growth fully offset the transactions decline,” Rosinter CEO Kevin Todd was quoted in the statement as saying.
The company opened three corporate and nine franchise outlets in January-March 2012 having increased its total number of outlets to 382, including 132 franchised restaurants, in 45 cities in Russia, CIS and Central Europe, including Baltic countries.
Rosinter works under its proprietary brands IL Patio, Planet Sushi and 1-2-3 Cafe and its licensed brands T.G.I. Friday’s. Through a joint venture with Whitbread Plc the company is currently developing the Costa Coffee chain in Russia.