Montreal’s Taiga Motors sells to British electric boat entrepreneur Stuart Wilkinson

MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.

The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.

The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.

The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.

Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.

While CEO Eric Lefebvre saw the quarter as a sign that the company’s ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:MTY)

The Canadian Press. All rights reserved.

Toronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators in connection with failures of its anti-money laundering safeguards.

The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns in its transaction monitoring program.”

More coming.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

TORONTO – Shares of Toronto-Dominion Bank were down in early trading following reports the bank is nearing a settlement with U.S. regulators regarding failures of its anti-money laundering safeguards.

Multiple media reports said the bank will pay billions in financial penalties as well as face non-financial sanctions that will put limits on its growth in the U.S.

TD has said it will hold a conference call later today, but did not offer details regarding what the call would be about.

The Canadian bank has been working to resolve investigations into failures in its anti-money laundering program in the U.S.

The probes have been a major overhang for the bank and helped scuttle its proposed US$13.4-billion acquisition of U.S. bank First Horizon Corp.

TD shares were down $5.78, or about 6.6 per cent, at $81.33 by late morning on the Toronto Stock Exchange.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.