McDonald's posts loss of over $711 mn

NEW YORK: McDonald's Corporation, the world's biggest fast-food chain, has said it lost over $711 million in the second quarter in 2007.
  
For the quarter, the loss was 60 cents per share, compared to $834.1 million earnings or 67 cents per share in the same period last year.

"McDonald's results reflect the financial impact of the previously announced developmental licence transaction in Latin America," said McDonald's Chief Executive Officer Jim Skinner.

In April, McDonald's announced a plan to sale 1,600 restaurants in 18 Latin American and Caribbean countries in an effort to strengthen profit.

Earnings per share, excluding exceptional items, were 71 cents, in line with the company's guidance.

Revenue climbed 12 percent to $6 billion, from $5.36 billion a year earlier.