Half-year dip in group revenue for Gold Brands Investments
Casual dining company Gold Brands Investments announced Monday that revenue for group decreased by 13.8% to R100m for the first six months of the year end-August. The group, whose flagship brand is Chesanyama and which recently acquired Blacksteer, said that the drop in revenue was a result of the slowdown in the economy that was affecting opening of new stores but also the income of the existing stores. But the company recorded a 15.9% increase in profit after tax to R3.5m for the period which resulted in headline earnings per share of 3.18c. Gold Brands increased menu prices by 8% on average in March 2016 while also decreasing operating expenses by 7.4% to R25.9m.
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