Burger King profits stumble after stock market listing
One-off charges at fast-food giant Burger King has led to a quarterly loss in its first results release since going public in May.
A one-time management termination fee of $30m (£15.9m) in the fourth quarter relating to flotation on the New York Stock Exchange resulted in a loss of $9m (£4.77m) in the final quarter of the year.
This, and one-off debt payments in the third quarter, reduced company net income for the year to $27m (£14.3), compared with $47m (£24.9m) in 2005.
Company turnover increased to a high of $2.05b (£1.09b), 6% higher than 2005.
Burger King chief executive John Chidsey said: "We have worked diligently with our franchises in the USA and Canada during the past two years to strengthen the health of our restaurants as we continue to grow our global brand."
Burger King expects to open more than 400 new sites during 2007. It currently has more than 11,100 restaurants worldwide, predominantly franchised.
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By Chris Druce
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