European hunger boosts McDonald's profits

NEW YORK: US fast food chain McDonald's Corp. reported Tuesday that strong business in Europe helped to propel first-quarter net profits by 16 percent to $946.1 million.
 
The Oak Brook, Illinois-based company, the world's largest restaurant concern, said the net income came on sales of $5.61 billion, up six percent from the first quarter of 2007.
 
The company said sales growth at European restaurants outpaced those in the US, where revenues were down slightly.
 
European revenues rose by 23 percent year-on-year in the first quarter, whereby favourable currency exchange rates were also a factor in the higher figures. Sales in the Asia region also showed strong growth.