1. Westlife Development pares its net loss to Rs 4.15 cr in Q4

Westlife Development pares its net loss to Rs 4.15 cr in Q4

Its total income from operations during the quarter under review was at Rs 224.89 crore as against Rs 212.62 crore in the corresponding quarter last fiscal.

By: | Mumbai | Published: May 11, 2017 6:15 PM
Restaurant chain operator, Westlife Development, net loss, fourth quarter ended March, McDonald's, subsidiary Hardcastle Restaurants, January-March period For the fiscal year ended March 31, 2017, net loss stood at Rs 12.12 crore. The company had reported a net profit of Rs 2.83 crore for the same period a year earlier.(PTI)

Restaurant chain operator Westlife Development today said its consolidated net loss narrowed to Rs 4.15 crore for the fourth quarter ended March 31, 2017. The company, which operates McDonald’s restaurants in west and south markets through its subsidiary Hardcastle Restaurants, had reported a net loss of Rs 6.53 crore in the January-March period a year-ago, it said in a statement. Its total income from operations during the quarter under review was at Rs 224.89 crore as against Rs 212.62 crore in the corresponding quarter last fiscal.

For the fiscal year ended March 31, 2017, net loss stood at Rs 12.12 crore. The company had reported a net profit of Rs 2.83 crore for the same period a year earlier. Total income from operations stood at Rs 930.78 crore for the recently-concluded fiscal as against Rs 833.43 crore in FY16. “FY17 has been a significant step forward for brand McDonald’s in India. The company has delivered a robust performance, recording a year-on-year sales growth of 11.7 per cent on the back of aggressive menu innovations, brand extensions and migrating to a more efficient restaurant operating system,” Westlife Development Vice-Chairman Amit Jatia said.

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Westlife Development added 25 new restaurants in FY17, taking the total count to 258 in west and south India. In this quarter, the company added nine restaurants (four in Maharashtra, one each in Chhattisgarh, Goa, Gujarat, Karnataka and Tamil Nadu) and aims to have 450-500 restaurants by 2022. McCafe has enabled the company to broaden its addressable market and grow baseline sales, and it increased its McCafe footprint by adding 36 outlets in FY17, with seven in the last quarter, taking the total count to 111.

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