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Russia's Rosinter H1 loss down to 75 mln rbls
MOSCOW, Sept 12 |
MOSCOW, Sept 12 (Reuters) - Russian restaurant group Rosinter reported on Wednesday a first-half net loss of 75 million roubles ($2.38 million), compared to a 322 million roubles net loss a year ago.
Rosinter, which operates the Russian franchise of TGI Friday's, also said revenue increased 3 percent to 5.19 billion roubles.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) in January-June 2012 stood at 213.5 million roubles after a loss of 51.4 million roubles, Rosinter said in a statement.
The company, struggling to win customers to its casual dining formats, recently appointed a new chief executive, Kevin Todd, and presented a new three-year strategy aimed to turn the business around.
Rosinter will slow down expansion to focus on improving profitability and reinforcing core brands including its own Il Patio and Planet Sushi, as well as TGI Friday's and Britain's Whitbread's Costa Coffe, Todd told reporters this week.
The slowdown will not affect its development in transport hubs where it plans to open McDonald's restaurants as per their franchising deal announced in April. Non-core brands will be divested, the company has said.
($1 = 31.5650 Russian roubles) (Reporting by Vladimir Soldatkin; Writing by Maria Kiselyova)
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