September 20, 2019 / 5:59 AM / 2 months ago

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

JOHANNESBURG, Sept 20 (Reuters) - 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.

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 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

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