Russia’s largest restaurant company Rosinter posted a January-September 2011 unaudited net loss of 276.6 million rubles ($8.8 million) to IFRS compared with a net profit of 213.6 million rubles ($6.8 million) in the same period last year, the company said in a statement on Friday.
Consolidated net revenue grew 7.2 percent to 7.635 billion rubles, while gross profit amounted to 1.473 billion rubles with margins falling to 19.3 percent from 23.7 percent year-on-year.
“The first nine months of 2011 were challenging for Rosinter as we experienced a decline in financial performance, but at the same time operating trends were steadily improving and in the third quarter. Going forward our efforts will focus on revitalizing core brands, optimizing organizational processes and delivering high quality guest experiences,” Rosinter acting President and CEO Hugh Carroll was quoted in the statement.
Gross revenue at the company’s like-for-like restaurants increased 3.1 percent, which was secured by a 4.3 percent growth of the average bill partially offset by a decline in traffic.
Earnings Before Interest, Taxation, Depreciation, Amortization (EBITDA) stood at 137.9 million rubles in the first nine months of this year against 764.5 million rubles in January-September 2010.
Net debt rose 16.2 percent to 1.331 billion rubles, while net debt/EBITDA ratio increased to 3.2x as of September 30, 2011.
Rosinter’s network expanded to 371 outlets in January-September this year comparing with 362 in the same period in 2010.