Tim Hortons owner Restaurant Brands posts $50M quarterly profit

Restaurant Brands International Inc.reported a profit of $50 million US in its latest quarter compared with a loss a year ago.

The company behind Tim Hortons and Burger King says the profit amounted to 21 cents per share for the three months ended March 31.

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That compared with a loss of US$8.3 million or four cents per share in the same quarter last year.

Revenue slipped to $918.5 million from $933.3 million as the weak Canadian dollar cut into Tim Hortons revenue.

On an adjusted basis, Restaurant Brands said it earned $142.1 million or 30 cents per share in the latest quarter, up from $73.9 million or 16 cents per share a year ago.

Comparable store sales at Tim Hortons increased 5.6 per cent after adjustments for currency changes, while Burger King saw a 4.6 per cent increase.