Burger Fuel reports loss, sales up 13%
Fast food company Burger Fuel has reported an unaudited loss of $219,022 for the six months to September 30, a 26% improvement on the same period last year.
Total unaudited Burger Fuel worldwide sales (including the Middle East) are up 12.9% to $16,365,572 (excluding GST) compared to the same period last year.
As at September 30 the group had $1,153,153 in cash with no borrowings.
The company says the results to date for this year show that losses are reducing, international markets are growing and the company expects to reach profitability in the near future.
During 2010 it has focused on streamlining its operations in New Zealand and expanding the Middle East license opportunities with the opening of its second store in that region.
However, it didn’t open any new stores in New Zealand during that period, due to the “challenging and uncertain economic climate.”
Burger Fuel has also embarked on a cost-cutting programme in Australia, which began with the closure of the company-owned Kings Cross store in November.