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.