Westlife Foodworld (505533) Q4 10/11 earnings summary

Executive summary

• FY2010-11 consolidated results swung to a loss after a one-time ₹28.42m advisory fee; excluding this extraordinary item, profit before tax was ₹8.98m.

• Standalone profit after tax fell to ₹224,128 from ₹3.04m; no dividend was recommended due to inadequate profits.

• Business activity expanded toward restaurant promotion and lifestyle development, alongside existing financial, investment and leasing activities.

Financial highlights

• Consolidated income was ₹30.29m, including sales of ₹15.75m; profit before tax and extraordinary items was ₹8.98m versus ₹6.24m.

• Consolidated loss after tax and minority interest was ₹14.31m, versus profit of ₹6.31m; EPS was -₹0.89 versus ₹0.39.

• Standalone income was ₹2.52m versus ₹3.84m; profit after tax was ₹224,128 versus ₹3.04m and EPS was ₹0.01 versus ₹0.19.

• Consolidated cash and bank balances closed at ₹75.96m, down from ₹143.41m; net cash decreased ₹67.45m during the year.

Segment performance

• Consolidated segment revenue: trading ₹15.75m, lending ₹6.88m, investments ₹1.45m, leasing ₹2.23m and others ₹3.98m.

• West Leisure Resorts reported profit after tax of ₹6.05m versus ₹3.27m; Westpoint Leisureparks reported a ₹26.79m loss after tax versus ₹8,984 profit.