MONTREAL - MTY Food Group Inc. swung to a profit last year as fourth-quarter earnings jumped 24 per cent despite government-mandated restaurant closures.

The Montreal-based restaurant franchisor and operator says its net income attributable to owners was $85.6 million or $3.46 per diluted share in 2021 on $551.9 million of revenues.

That compared with a net loss of $37.1 million or $1.50 per share on $511.1 million in revenues in 2020.

In the three months ended Nov. 30, MTY says it earned $24.9 million or $1 per share, up from $20.1 million or 81 cents per share a year earlier.

The company behind more than 80 restaurant brands including Thai Express, Tiki-Ming and Tutti Frutti says revenues were $146.3 million, up 15 per cent from $127.2 million in the fourth quarter of 2020.

MTY was expected to earn $23.3 million on $145.4 million of revenues in the quarter, according to financial data firm Refinitiv.