Prestige Holdings remains confident after first-quarter loss

STILL reeling from the negative effects of the covid19 pandemic which resulted in a loss for 2020, Prestige Holdings – parent company to franchises like KFC, Starbucks and Subway – has posted another loss before tax of $2.4 million for the first three months of 2021.

“The global pandemic continues to weigh heavily on our economy and industry in particular, as restrictions remain in place limiting opening hours, seating capacity, bar sales and social activity in general,” said Christian E Mouttet, chairman.

This loss comes after the group recorded a profit of $12.6 million for the first three months of 2020.

Mouttet explained that its first quarter saw performance before the outbreak of covid19 and the onset of effects of combating the virus.

He added that operating conditions would probably remain the same until vaccinations are done and nationwide restrictions are lifted.

Despite the challenges Prestige remains confident of a turnaround. Mouttet said it intends to open 11 more stores, three more Starbucks restaurants and a new KFC outlet and begin construction on a new distribution centre.

“Our brands and operations remain strong,” Mouttet said. “We continue to focus and invest in our digital platforms and are encouraged by the growth in our delivery, curb-side and drive-through channels which we expect will continue to be significant contributors in the years to come.”

In 2020, Prestige recorded a $17 million loss, as compared to a profit of over $35 million in 2019.

It garnered $896,918,441 in revenue as compared to $1,112,933,070 in 2019, according to its 2020 audited reports.