Essential Business

Ibersol suffers losses of €22.9 million

 In Companies, News

Ibersol recorded losses of nearly €23 million for the first half of the year. Nevertheless, it was an improvement on the €33.3 million in losses it sustained for the same period in 2020.

In a note sent to the stock market and securities commission CMVM, the fast-food group that manages brands such as Pizza Hut, Pans, KFC and Burger King in Portugal posted a net negative result of €22.9 million, a 31% improvement on the first half of 2020.
EBITDA income stood at €24.9 million, a growth of 64.6% on the first half of 2020. The consolidated turnover, according to the note, was €134.9 million, a growth of 0.9% on the first half of 2020.
As to staff costs, these fell by 6.2%, representing 36.7% of the business turnover, whereas in the first half of 2020 to stood at 39.5%.
The company noted “the first half of 2021, contrary to what had been expected, was the period in which the restaurant business operated with the most restrictions since the start of the pandemic. In 2020 lockdown lasted 45 days and the business worked normally for around 75 days.”
“In 2021, however, the period of lockdown was 94 days (from 15 January to the 19 April) and when it ended, new restrictions were introduced which lasted beyond the first half of the year,” it states.
However, the restaurant company said that despite the difficult circumstances, business activity in 2021 has been “much more favourable” than 2020 while it had successfully managed to adapt to the successive changes in the legal framework that were approved by the government.


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