Max’s books flat earnings in 1H
The Philippines’ largest casual dining restaurant group, Max’s Group, Inc., has booked flat earnings for the first half of the year amid thin sales.
A report in Manila Bulletin showed that Max’s earned a flat income of P332 million during the first six months of the year after a “seemingly cautious start”.
Recovering from its sluggish first quarter performance, the company’s net income jumped 34 percent to P208.3 million in the second quarter from P155.7 million for the same period last year.
For the first half of 2018, the firm’s system-wide sales rose by 12 percent to P9.3 billion from P8.3 billion for first half 2017, driven by same-store sales growth of 6 percent.
“We are determined to carry this momentum into the next quarter, fully aware of the headwinds on cost upcharges. Nevertheless, we are confident that our strategies will enable us to stay resilient amidst these conditions,” said Group Chief Operating Officer Ariel P. Fermin.
“We will also continue to aggressively pursue franchising opportunities in both existing and new markets while keeping focus on customer-centric activities to boost transaction volumes and rationalizing our cost structure,” he added.