MTY Group Reports Second Quarter Loss of 99.1 Million

The Canadian Press July 10, 2020

Montreal) MTY food group declared a loss of 99.1 million in the second quarter, the company having taken a non-cash impairment charge of 120.3 million notably related to tangible fixed assets

The catering company behind brands such as Thai Express, Tiki-Ming, Tutti Frutti, Ben & Florentine and Valentine said the loss was $ 4.01 per diluted share for the quarter ended May 31, against a profit of 19.3 million or 76 cents a share a year earlier.

Revenues fell to 97.8 million from 125.6 million in the same quarter last year. MTY franchises and operates fast food and casual dining establishments under more than 80 different banners in Canada, the United States and elsewhere.

The company says 2,757 of its locations were temporarily closed during the height of the COVID-19 pandemic, but are gradually reopening. MTY reports that as of Thursday, 573 sites are still closed