Shakey’s Q3 Profit More Than Doubles
Shakey’s Pizza Asia Ventures, Inc.’s profit in the third quarter more than doubled despite “a more competitive environment” during the period.
In a regulatory filing on Tuesday, the listed firm said its net income in the three months ending September stood at P132.26 million, well-above the P58.29 million recorded in the same period last year
This brings net profit during the company’s first nine months this year at P503.61 million, an 18.91% jump from year ago.
Meanwhile, net revenues during the third quarter the grew by 11% to P1.6 billion, bringing revenues in the first nine months of the year to P5 billion versus the P4.2 billion in the prior year.
“We encountered a more competitive environment in the third quarter, which is also typically the second half’s leaner period,” said Vicente Gregorio, President and CEO of PIZZA, in a statement, while expressing confidence that the nearing Christmas season, along with the various product and marketing initiatives the firm has implemented, will push up sales in the last quarter of the year.