Fast-food chain operator Restaurants Brands has reported a 44 per cent fall in first-half profit as a lift from the Rugby World Cup failed to counter the impact of the Christchurch earthquake on its business.
The operator of KFC, Pizza Hut and Starbucks Coffee chains said net profit fell to $7.5 million in the six months to September 12 from $13.5 million in the same period last year.
Excluding non-trading items including a $600,000 write-down in the value of Pizza Hut and the closure of stores, earnings fell to $8.6 million from $13.9 million.
Total revenue fell 5.5 per cent to of $166.8 million and the company said 40 per cent of the decline was due to the earthquake in Christchurch on February 22 and the June 13 aftershock which caused the closure of 19 stores and cost the company $3.8 million in lost sales.
KFC produced total revenues of $127.9 million, up 0.7 per cent on last year but down 1.9 per cent on a same store sales basis.