Westlife posts Rs 3 crore net loss in Q1

Westlife Development Ltd the firm that runs franchise for the burger chain McDonald's in west and south India through its subsidiary company Hardcastle Restaurants Pvt Ltd, on Friday posted Rs 2.95 crore net loss for the quarter ended 30 June 2016. It had reported Rs 4.84 crore net loss during the year ago period. Its net sales went up by 10.9 per cent during the period to Rs 226.3 crore from Rs 204.1 crore on a year on year basis.

Westlife's same store sales grew by 3.4 per cent on a negative 5.3 per cent in same quarter last year. Its total number of outlets went up by six to 242 during the quarter. Its earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 17.6 per cent to Rs 11.4 crore from Rs 9.7 crore on y-o-y basis. EBITDA margin improved by 28 basis points. One basis point is one-hundredth of a percentage point.

"Our Q1FY17 results represent a tremendous start to the year bolstered by the successful launch of several new products. In addition to the strides we have made from a market share and innovation perspective. We continued to deliver operational improvements throughout the company," Amit Jatia, vice-chairman of Westlife Development Limited said.

Westlife's stock closed 2.64 per cent lower at Rs 213.75, while the BSE benchmark index grew 1.31 per cent to 28,078.35 points.