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Company News

Restaurant Brands reports 37% fall in quarterly profit

Aug 6 (Reuters) - Restaurant Brands International Inc reported a 36.6% fall in quarterly profit on Thursday, as the COVID-19 pandemic led to a fall in demand for breakfast and coffee at the company’s Tim Hortons chain of restaurants.

Net income attributable to the company’s shareholders fell to $163 million, or 35 cents per share, in the second quarter ended June 30, from $257 million, or 55 cents per share, a year earlier.

Total company revenue fell to $1.05 billion from $1.40 billion, in line with analysts’ estimates, according to IBES data from Refinitiv. (Reporting by Uday Sampath in Bengaluru; Editing by Krishna Chandra Eluri)

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