By Leslie D. Venzon
MANILA, Nov. 11 (PNA) — Casual dining operator Max’s Group, Inc. (MGI) on Wednesday reported a net profit of Php313.12 million for the first nine months of 2015, a reversal from a loss of Php31.36 million for the same period last year.
“The results are reflective of the historical seasonality effect during this time of the year. Nevertheless, we are poised to generate momentum ushering into the Christmas period,” said Robert F. Trota, MGI President and Chief Executive Officer.
As of end-September, Max’s Group consolidated revenues rose 170 percent to Php7.30 billion in January to September against reported figures for the same period last year.
Store sales, which comprised bulk of revenues, grew 6 percent to Php6.20 billion from Php5.87 billion.
“We are looking to add around 50 to 60 new stores by December with full-year revenue potential expected to be realized in 2016,” Trota said.
From July to September, the Max’s Group opened 15 restaurants both locally and overseas located in Al Ghurair, United Arab Emirates.
Max’s Group currently operates a network composed of 547 stores.
MGI chief finance officer Dave Fuentebella said the company targets 600 store openings by the end of 2015 and additional 70 to 80 new stores next year in a bid to maintain growth trajectory.
Locally, Fuentebella noted that bulk of store openings is located in Metro Manila and Luzon.
But he said they also see good growth potentials in northern and southern corridor as well as certain areas in the Visayas and Mindanao.
“We have signed four development agreements with reputable international partners this year for 15 Yellow Cab stores in Saudi Arabia within 10 years, 10 Yellow Cab and 8 Pancake House restaurants in United Arab Emirates within five years and 10 Sizzlin’ Steak outlets in Vietnam within five years,” Trota further said. (PNA)