Restaurant Brands Asia loss widens in Q3 on poor show in Indonesia, shares slide 6%

from Rs 435.3 crore in the year-ago period, according to an exchange filing. Same store sales growth (SSSG) was 8.6 percent YoY in the

quarter.

The company’s EBITDA dropped by 42.4 percent to Rs 29.7 crore

in Q3FY23 compared to Rs 51.6 crore a year ago. Its margins declined to 5.6

percent in Q3 of FY23 from 11.9 percent a year ago.

The company in an investor presentation stated that its Indonesia market is a concern as revenue remained largely flat. Indonesia reported EBITDA loss of Rs 18.1 crore in the third quarter against a gain of Rs 18.9 crore a year ago.

The company operates 182 stores (179 Burger King and 3 Popeyes) in Indonesia as of December 31, 2022.

The company said it performed well in the India market. Restaurant Brands Asia opened a total of 45 new restaurants in the third quarter, taking the count to 379. The company opened 72 Burger King Café in Q3FY23 to take the total number of cafes to 252 as of December 31, 2022.

Shares of the company were trading down by 6.56 percent at Rs

99.65 on BSE at 11.19 AM.