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Burger King's India operator posts narrower Q1 loss as value packs boost demand
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Burger King's India operator posts narrower Q1 loss as value packs boost demand
Jul 29, 2024 7:00 AM

BENGALURU, July 29 (Reuters) - Restaurant Brands Asia

, which operates Burger King and Popeyes chains in

India and Indonesia, reported a narrower first-quarter loss on

Monday as offers and discounts brought more customers to

its outlets.

The company's consolidated net loss narrowed to 493.6

million rupees ($5.90 million) in the three months ended June 30

from a loss of 504.8 million rupees a year earlier.

However, this is the company's fifteenth consecutive

quarterly loss.

With growing competition in the quick service restaurant

industry, Burger King India introduced "Tasty Meals" starting at

99 rupees to boost dine-in traffic.

The company, which runs quick service chains owned by

Restaurant Brands International, said prices of

ingredients rose 5%.

India's quick-service restaurant (QSR) brands provided

discounts and budget-friendly meals to draw in customers during

a quarter that featured the T20 Cricket World Cup and a school

holiday period.

Revenue increased about 6% during the quarter, helped by

higher footfall due to offers like the "Tasty Meals".

Rival fast food chain McDonald's India franchisee Westlife

Foodworld reported a plunge in first-quarter profit

amid frail demand and higher expenses.

Other rivals such as KFC-operator Devyani International

, Pizza Hut-operator Sapphire Foods, and

Domino's India-franchisee Jubilant FoodWorks are yet

to report results.

Shares of Restaurant Brands Asia closed 1.4% higher ahead of

quarterly results.

($1 = 83.6970 Indian rupees)

(Reporting by Ashna Teresa Britto and Dimpal Gulwani in

Bengaluru;Editing by Varun H K))

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