Empire Beer Group Ltd has reported a 50 per cent improvement in its full year net loss before it sold two pubs as part of restructure plans.
The company today reported a net loss of $3.4 million, down from the previous year's $6.9 million, and on the back of a 1010 per cent jump in revenue.
The company said a number of factors had impacted on the earnings result including a $694,715 accounting expense and an impairment charge of $951,417 against the goodwill and intangibles of the Royal on the Waterfront pub in East Perth.
The Royal was acquired in July last year for $3.5 million, and Empire said while revenues exceeded budget expectation the pub recorded a net loss of $893,006.
Empire attributed the Royal's loss to higher employment, food and beverage costs.
The Royal together with the Colonial Brewing Co pub in Margaret River are subject to sale under an agreement entered into earlier this month with Colonial Leisure Group Pty Ltd.
The pubs are set to be sold for a combined $4.5 million.
