Mexico's Alsea posts flat third-quarter profit
MEXICO CITY Oct 22 (Reuters) - Mexican restaurant operator Alsea, which runs Starbucks, Domino's Pizza and Burger King franchises, on Wednesday said its third-quarter profit was flat compared to a year ago as new acquisitions were offset by higher interest payments.
The company reported a profit of 185 million pesos ($13.782 million) in the July-September period, compared with a profit of 184 million pesos in the same period a year earlier.
Alsea said revenue rose 39.7 percent to 5.701 billion pesos, principally because of the inclusion in its results of the purchase in May of Vips chain. Sales at stores open more than a year increased 2 percent.
The company said that the cost of financing increased to 91 million pesos, from 38 million pesos in the third quarter last year, while operating expenses rose because Alsea opened new stores across Latin America.
The company announced in August the acquisition of a 71.76 percent stake in Spanish firm Grupo Zena, which operates more than 400 restaurants in Spain, in a 107 million euro deal.
Alsea shares closed down 0.02 percent at 40.40 pesos on Monday before the company reported its results. ($1 = 13.4235 Mexican pesos at end-Sept.) (Reporting by Christine Murray; Editing by Grant McCool)
© Thomson Reuters 2017 All rights reserved.