World Markets

S.Africa's Grand Parade posts FY profit on Dunkin' closure

Grand Parade Investments (GPI) said on Friday it posted a full-year profit as closure of its loss-making Dunkin' Donuts unit lifted the South African investment company's earnings.

JOHANNESBURG, Sept 20 (Reuters) - Grand Parade Investments (GPI) GPLJ.J said on Friday it posted a full-year profit as closure of its loss-making Dunkin' Donuts unit lifted the South African investment company's earnings.

Headline earnings per share (HEPS), for the year ended June 30, came in at 8.91 cents per share compared with a headline loss per share of 11.18 cents last year, the company said.

HEPS is the main profit gauge used in South Africa that strips out certain one-off items.

The impairment of the Dunkin' Brands DNKN.O businesses had a negative impact on our basic earnings per share, said Grand Parade, which also runs the Burger King chain of fast-food restaurants in South Africa.

In 2016, GPI had signed a franchise agreement with Dunkin' Brands, which owns Dunkin' Donuts and ice cream company Baskin Robbins, betting that South African demand for snacks and drinks from international chains would hold up, despite pressures on disposable income.

(Reporting by Onke Ngcuka; Editing by Emma Rumney and Sherry Jacob-Phillips)

((Onke.Ngcuka@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

US Markets

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More