MTY Power Group reported that its profit and revenue both declined in its most recent quarter.
The franchiser and restaurant operator reported that its net profit attributable to owners totaled $34.9 million during its third quarter, compared to $38.9 million for the same period a year ago.
This result for the quarter ending August 31 equals $1.46 per share, down from $1.59 per share a year earlier.
The company behind 90 brands, including Manchu Wok and Mr. Sub, attributed the decline to impairment losses on tangible and intangible assets.
Its revenues fell slightly to 292.8 million, compared to 298 million a year ago.
According to MTY President and CEO, Éric Lefebvre, the third quarter results demonstrate that the restructuring initiated by the company is starting to bear fruit.
He noted, however, that significant delays in construction and permitting led to a decline in the number of new locations opened during the quarter.