Check out this press release from Burger Fuel announcing a $454k net profit before tax:
The directors of Burger Fuel Worldwide Limited (BFW) are pleased to report that the unaudited net profit before tax (NPBT) is up 102% to $454,356 for the six months to 30 September 2012.
This compares with a NPBT of $224,554 for the same period last year.
Prior year tax losses in NZ have now been fully utilised and in FY13 it is necessary to carry a tax provision. The Group reported a net profit after tax (NPAT) of $308,372 to 30 September 2012.
Total unaudited BurgerFuel Worldwide system sales are $22,056,829 (excl GST) up 26.5% on the same period last year.
Then the TVNZ “news” item with the cool headline:
Kiwi gourmet burget chain BurgerFuel Worldwide has announced a doubling in its profits for the six months to September 30.
Unaudited net profit before tax (NPBT) is up 102% to $454,356 for the six months to 30 September 2012, in comparison with a NPBT of $224,554 for the same period last year.
Total unaudited BurgerFuel Worldwide (BFW) system sales are $22,056,829 (excluding GST), up 26.5% on the same period last year.
So that “supersized” half year profit of $454K is unaudited, before¬†tax and comes from the operation of thirty NZ stores, one Australian¬†store and various Middle Eastern startup outlets? Off $22m in revenue?
And this is an example of a NZ franchising success story… how?
TVNZ just took the press release, repeated it and added some¬†embellishment.
One single restaurant at the Viaduct would pull in more profit than¬†this entire outfit. The directors of Burger Fuel should all resign in¬†shame, along with the twits in the media who fail to hold them to¬†account for their shameless spin.