CASUAL dining chain operator Max’s Group Inc. (MGI) returned to profitability in 2015 after the house-cleaning and consolidation undertaken following its acquisition of Pancake House Inc.
MGI chalked up a net income of P501.4 million in 2015, reversing the net loss of P66.2 million in the previous year, the company reported to the Philippine Stock Exchange on Tuesday.
Excluding one-time gains and non-recurring charges, core net income stood at P555 million.
On a pro-forma basis, revenues grew by 6 percent to P10.4 billion deliberate closures to rationalize store network and improve overall profitability.
Restaurant sales increased by 6 percent to P8.6 billion, driven by additional company-owned
and franchised outlets in 2015.
As a result, commissary sales rose by 2 percent to P1.3 billion while franchise income increased by 37 percent to P497.5 million.
“The results validate a complete turnaround of our business. From a transformative period in 2014, we have successfully transitioned to the growth phase. We are confident with our strategies to sustain this trajectory in the coming years,” said Trota.