McDonald's India franchisee Westlife posts surprise profit drop on higher costs

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CHENNAI, Oct 26 (Reuters) - Westlife Foodworld (WEST.NS), which operates McDonald's restaurants in west and south India, reported a surprise drop in quarterly earnings on Thursday as increased costs overshadowed higher sales of its burgers and fried chicken...

The franchisee said consolidated net profit after tax fell to 223.7 million rupees ($2.7 million) in the July-September quarter from 315.4 million rupees a year earlier...

Westlife operated in "challenging market conditions" and "macroeconomic challenges persist", Chairperson Amit Jatia said in a statement, adding the company is investing in new stores and plans to grow its business...

Shares of Westlife, which operates 370 restaurants in states like Maharashtra and Tamil Nadu, declined 2.2%, cutting their gains to about 11.3% this year...

Full story at Reuters | 

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