The power group MTY inc. has seen its pre-tax profit to be divided by two during the second quarter compared to the same period in 2019
In the results released on Friday, the gross profit amounted to$ 18.2 Million, or 47% less than in the second quarter of 2019.
The net profit attributable to the owners was estimated to be -99,1 M$, that is, a loss of 4.01 cents per share.
“Our second quarter was marked by significant operational challenges associated with the pandemic of the COVID-19, with the temporary closure of 2757 institutions at the height of the pandemic and a significant reduction in sales for many institutions that have continued their activities”, stated by way of a press release, Eric Lefebvre, chief executive officer of MTY.
At the time of the unveiling of the results, MTY had yet to 573 closed establishments, or 8 percent of its network.
“With a cash balance of around $ 50 million at the end of the quarter, more than $ 190 million available on our credit facilities, and a greater flexibility provided by our financial commitments amended, MTY remains in a strong financial position to execute its turnaround plan and continue its strategy of growth,” added Eric Lefebvre.
MTY group represents over 80 brands in Canada and the United States, including La Crémière, Van Houtte, Baton Rouge, Scores, Thai Express, or Valentine.