Restaurant chain operator Max’s Group Inc. said Tuesday net income in the first half grew 12 percent to P331.7 million from P295 million it posted in the same period a year ago, on aggressive store openings and steady same-store sales.
Max’s Group said in a disclosure to the stock exchange systemwide sales increased 12 percent to P8.29 billion in January to June from P7.43 billion in the same period in 2016.
“We are happy with the results despite an increasingly challenging environment. Moving into the next quarter, we have lined up exciting product initiatives to cushion cyclicality effects during wet season,” Max’s Group president and chief executive Robert Trota said.
Restaurant sales climbed 11 percent to P5.04 billion, while commissary sales went up 7 percent to P674 million. Sales from new franchises, royalty and continuing license fees gained 23 percent to P333.65 million from P270.52 million, following additional franchise sign-ups and a larger recurring income stream.