MTY Food Group reports Q4 profit compared with a loss a year earlier
BNN Bloomberg
MTY Food Group Inc. reported a profit in its latest quarter compared with a loss a year earlier as its revenue rose higher.
The restaurant franchisor and operator says its net income attributable to owners amounted to $32.1 million or $1.40 per diluted share.
The result compared with a loss of $55.3 million, or $2.34 per diluted share a year earlier when the company recorded larger impairment charges.
Revenue totalled $305.4 million, up from $284.5 million, boosted by growth in its franchise operations in the U.S. and the processing, distribution and retail segment, partially offset by a decline in its corporate segment.
Same-store sales fell 1.7 per cent year-over-year in the fourth quarter.
MTY is the company behind more than 80 banners including Thai Express, Manchu Wok and Baton Rouge.
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