Burger Fuel posts first-half loss
Dec. 8 – Burger Fuel Worldwide Ltd. posted a first-half loss and said it is concentrating on cost control amid market volatility.
The net loss was NZ$669,000 in the six months ended Sept. 30, from a loss of NZ$1.36 million a year earlier, the company said in statement. Total sales for the franchise system rose 12% to NZ$12 million, generating operating revenue of NZ$3.5 million.
As the New Zealand economy contracts, the roll-out of new stores has been “significantly slower than anticipated” and probably won’t pick up until at least April next year, chief executive Chris Mason said.
The company doesn’t anticipate significant growth in the 2009, given the global economic slump, and the focus “will remain on preserving margins and reducing cost where possible, as well as achieving growth where possible,” Mason said.
The burger chain’s stock last traded on Dec. 5 at 38 cents on the NZAX and has fallen about 40% this year.