VANCOUVER — A&W Revenue Royalties Income Fund increased its distributions to unitholders as it reported its first-quarter profit fell compared with a year ago due to a non-cash charge.
The fund says it will now pay a monthly cash distribution of 15.4 cents per unit, up from 14.7 cents per unit.
The increased payment to unitholders came as A&W reported a profit of $5.7 million, compared with $6.3 million a year ago due to a non-cash loss on an interest rate swap.
Sales reported by the restaurants in the royalty pool increased to $308.8 million compared with $267.7 million, while royalty income grew to $9.3 million compared with $8.0 million a year ago.
Same-store sales increased 10.0 per cent, while the number of restaurants in the royalty pool grew to 934 compared with 896 a year ago.
A&W Revenue Royalties Income Fund’s website describes it as a limited purpose trust established to invest in A&W Trade Marks Inc., which indirectly owns the trademarks used in the A&W restaurant business in Canada.
Companies in this story: (TSX:AW.UN)
The Canadian Press
