McDonald's India operator profit halves as higher costs weigh (updated)
UPDATE 1-McDonald's India operator profit halves as higher costs weigh Adds background, revenue from paragraph 3 onwards
July 30 (Reuters) - Westlife Foodworld WEST.NS, a McDonald's MCD.N operator in India, reported a 52% fall in quarterly profit on Thursday, as fast-food restaurants grappled with higher energy, labour and raw material costs amid rising competition.
Operating costs have jumped for restaurants since the Middle East war started, even as discounting to fend off competition from smaller rivals including California Burrito, Wow Momo and Blue Tokai Coffee curbs profitability.
Westlife, which operates McDonald's restaurants in west and south India, said its consolidated profit after tax stood at 5.9 million rupees ($61,655.8) for the quarter ended June 30, against 12.3 million rupees a year earlier.
Revenue rose to 7.36 billion rupees from 6.58 billion rupees a year earlier.
During the quarter, McDonald's promoted its 99-rupee Everyday Value Meals, comprising a burger, fries and a Coke.
($1 = 95.6925 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Mrigank Dhaniwala)
((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))
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McDonald's India operator profit halves as higher costs weigh (updated)
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Brief: Westlife Foodworld Q1 Consol PAT 5.9 Million Rupees