Restaurant company MTY Food Group reports profit down from last year

MTY Food Group Inc. MTY-T reported its second-quarter profit fell 10 per cent compared with a year ago as its sales edged lower.

The restaurant franchisor and operator reported $27.3 million in net income attributable to owners or $1.13 per diluted share for the quarter ended May 31.

The result compared with a profit of $30.4 million or $1.24 per diluted share in the same quarter last year.

MTY says the year-over-year decline could mainly be attributed to impairment charges on property, plant and equipment and intangibles assets.

Revenue for the quarter totalled $303.7 million, down from $305.2 million a year earlier.

MTY Group franchises and operates restaurants under more than 90 different banners.