AmRest Q2 profit below expectations

WSE-listed restaurant operator AmRest posted a PLN 33.1 million attributable net profit in Q2, below consensus expectations for PLN 37.5 million, mostly due to increased costs. Revenues amounted to PLN 1.24 billion, in line with expectations and 27.2 percent y/y increase, in line with preliminary figures. EBITDA increased 17 percent y/y to PLN 148.9 million. For the CEE region, in H1, sales were up by 15.6 percent y/y to PLN 1.2 billion. Russian operations amounted to PLN 288 million revenue, up by 40.4 percent, while the Western Europe division revenue grew by 61.7 percent to PLN 741 million. Chinese market brought in PLN 133 million in revenue, up by 20.3 percent y/y.