Max’s profit up 35% in Q2

Casual dining chain Max’s Group Inc. posted a 35-percent year-on-year growth in second quarter net profit attributable to parent equity holders amounting to P201.3 million, rebounding from a sluggish first quarter.

This brought the six-month attributable net profit to P319.49 million, still down by 4.2 percent year-on-year.

“The results underpin prior initiatives to reorganize ourselves and invest on building professional capabilities to spearhead long-term growth. We have effectively regrouped into various strategic functional teams, each with defined and uniformed objectives that promote cohesiveness and productive interactions within the group. This setup has allowed us to leverage and benefit from additional operational efficiencies across the business,” Max’s president and CEO Robert Trota said.

System-wide sales in the second quarter grew by 11 percent year-on-year to P4.9 billion, driven by robust same-store sales growth of 6 percent and healthy new store sales of 5 percent. Likewise, transaction count rose by 8 percent.

Normalized labor expenses, lower rental overhead and savings from utilities contributed to margin improvement.

In the first half, system-wide sales grew by 12 percent year-on-year to P9.3 billion. Six-month revenue grew by 11 percent to P6.7 billion.

Restaurant sales rose by 11 percent year-on-year to P5.6 billion. Commissary sales rose by 19 percent year-on-year to P799.3 million. Online and delivery revenue gained 16 percent year-on-year to P748.6 million.—DORIS DUMLAO-ABADILLA