KEY POINTS:
Gourmet burger company BurgerFuel has reported a $2.1 million loss for the nine-and-a-half month period to March 31.
The company said it made the loss on revenue of $4.7 million . Some $1.3 million of the loss was incurred in the first three and a half months of trading to September, and included costs associated with its share float of $991,000.
The rest of the loss included marketing in New Zealand , and $454,000 during the last six months of the period from continued development of its Australasian operations.
Investment had also been made in developing other potential international markets. The company signed its first international licensing deal in United Arab Emirates recently.
BurgerFuel said it would focus on growing store sales and stores in New Zealand, with the current economic climate in mind.
It would continue to build up trading in Australia and negotiate franchise agreements in other countries to earn royalties by licensing the BurgerFuel system.
The company said it had $4.6 million in net assets including cash reserves of $3.1 million and no material borrowings.
- NZPA
