PHC profits decline in 2006

PHC Franchised Restaurants Pcl (PHC), the franchise operators of Pizza Hut, Everest and other take away and food related operations reported its preliminary 2006 results, showing a decline in profits.

PHC reported that while turnover jumped to EUR 22.48 mln or CYP 12.99 mln in 2006 from EUR 19.14 mln or CYP 11 mln in 2005, net profit after tax and after minorities amounted to EUR 536.000 or CYP 310k from EUR 599.000 or CYP 344k in 2005.