MANILA, May 8 (PNA) — Listed casual dining firm Max’s Group Inc. (MGI) booked a whopping 372-percent surge in profit to Php140.20 in the first quarter of 2015, a sharp reversal from losses in prior year, on robust store sales.
Its consolidated revenues increased 159 percent to Php2.40 billion compared to the same period last year.
Store sales, which comprised bulk of revenues, grew six percent to Php2.05 billion year-on-year.
Franchise income likewise went up 40 percent to Php91.93 million from Php65.54 million in the same period last year.
“We remain confident in our plans to broaden our international footprint by positioning some ofour brands as mainstream products in new markets,” said MGI President and Chief Executive Officer Robert F. Trota.
From January to April, the company opened 10 outlets including three overseas.
The company opened a fourth Max’s Restaurant in the Middle East located in Al Ain, United Arab Emirates (UAE) and another branch at Scarborough, Ontario in Canada.
Pancake House, on the other hand, now has eight stores in Malaysia, including the addition of a new outlet in Kuala Lumpur.
For 2015, it plans to open 80 to 90 new branches with half already primed in secured locations. It also intends to accelerate the rollout pace of these stores in the next quarter.
As of April, the Max’s Group has a total of 543 branches. (PNA)