McDonalds takes $1.2 billion write-off from exiting Russia

Fast food restaurant chain McDonald`s has taken a write-off of $1.2 billion due to withdrawal from Russia. 

The company's net profit for the second quarter of 2022 decreased 1.9-fold, to $1.19 billion, Interfax reports citing the press service of the company.

McDonald's April-June revenue was $5.72 billion compared to $5.89 billion in 2021. Net income declined to $1.19 billion from $2.22 billion, with first-half revenue up 3.4% to $11.384 billion.

McDonald's comparable sales for the quarter were up 9.7% globally and 3.7% in the United States.

In March, McDonald`s suspended operations in Russia in response to the beginning of Russia`s "military operation" in Ukraine. On May 16, the company officially announced the sale of its business in Russia. In June, the new owners of McDonald`s Russian assets opened some of the restaurants.