Max’s Group income jumps 561% in H1

MANILA, Philippines - Max’s Group Inc., the publicly-listed restaurant operator, posted a net income of P247.74 million in the first half, marking a 561 percent increase from the same period last year.

In a briefing yesterday, Max’s Group CFO Dave Fuentebella said the company would continue to grow its business with the goal of maintaining the quality of its products and services.

“It’s really our goal to grow our net income but we want to ensure we are growing our net income the right way,” he said.

“We continue to build on the momentum gained in the first quarter to sustain this growth trajectory on the back of well structured operations,” said Robert Trota, president and CEO of Max’s Group.

Consolidated revenues surged 166 percent to P4.88 billion. Store sales rose five percent to P4.14 billion while franchise income grew 47 percent to P190.16 million.

 “On a pro-forma basis, top line growth was six percent despite ceasing operations of 10 branches of Le Coeur de France, which is set to undergo a major rebranding campaign to upgrade quality and service platform. Planned closures form part of the company’s ongoing integration program to rationalize its branch network to maximize resources and improve profitability,” Max’s Group said.

During this phase,  the company aims to consolidate a larger base of operations by standardizing procedures and streamlining back-end support to capitalize on operational efficiencies,” it said.

Future openings will be located in prime growth areas featuring refreshed store look and design complemented by enhanced menu offerings.

“We remain on track with our expansion plans both domestically and overseas. In the coming months, we expect to finalize development agreements for some of our brands in new territories,” Trota said.

As of July, Max’s Group had a total of 535 outlets.  It plans more store rollouts in the second half in time for scheduled mall openings.

The group is eyeing to open 80 to 90 stores this year, of which 18 have already opened.

The Max’s Group brands of restaurants are Max’s Restaurants, Max’s Corner Bakery, Pancake House, Yellow Cab, Teriyake Boy, Dencio’s, Kabisera ng Dencio’s, Sizzlin’ Steak, Le Coeur de France and Maple.

It also has international brands under its name such as Krispy Kreme and Jamba Juice.