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The sign at a Pizza Hut location, which is owned by Yum Brands Inc, is pictured ahead of their company results in Pasadena, California U.S., July 11, 2016. Mario Anzuoni, Reuters Image for illustrative purpose
Sapphire Foods India , the operator of KFC and Pizza Hut restaurants, reported a bigger-than-expected fall in quarterly profit on Friday, hurt by domestic competition and as inflation-weary consumers cut back spending on fast food.
The Yum Brands franchisee's consolidated net profit fell nearly 69% to 101.4 million rupees ($1.22 million) for the quarter ended Dec. 31, marking its third consecutive fall in profit.
Analysts, on average, had expected a profit of 239.6 million rupees, according to LSEG data. ($1 = 82.9700 Indian rupees) (Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sonia Cheema)
