DOOLEY Observed: McDonald's quarterly profit falls 30 percent

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Tuesday, October 21, 2014

McDonald's quarterly profit falls 30 percent

(Reuters) - McDonald's Corp reported a 30 percent fall in quarterly profit, hurt by a food scandal in China and intense competition in the United States.

The company's net income fell to $1.07 billion, or $1.09 per share, in the third quarter ended Sept. 30 from $1.52 billion, or $1.52 per share, a year earlier.

Total revenue at the world's largest restaurant chain fell 4.6 percent to $6.99 billion.

Global sales at restaurants open at least 13 months were down 3.3 percent.

Analysts on average had expected global same-restaurant sales to fall by 3 percent, according to research firm Consensus Metrix.

(Reporting by Siddharth Cavale in Bangalore and Lisa Baertlein in Los Angeles; Editing by Kirti Pandey)