07:20 AM EST, 02/14/2025 (MT Newswires) -- MTY Food Group ( MTYFF ) on Friday said it swung to a fourth-quarter net loss due to impairment charges.

The net loss attributable to shareholders was $55.3 million, or $2.34 per diluted share, compared with a profit of $16.4 million, or $0.67 per diluted share in the prior year period.

The decrease was due to impairment charges on property, plant and equipment of $64.6 million on the Papa Murphy's brand, and foreign exchange losses of $26.3 million on intercompany loans, MTY said.

System sales for the quarter increased by 2% to reach $1.4 billion, mostly due to organic growth.

Company revenue increased to $284.5 million from $280 million as revenue from corporate stores rose.