Restaurant operator Max’s Group Inc. said Wednesday it swung to a net loss in the first quarter as the overall business was severely affected by the coronavirus pandemic.
Max’s Group said in a disclosure to the stock exchange Wednesday it incurred a net loss of P169.28 million in the first three months, a reversal of the P138.57-net income it booked in the same period last year.
It said system-wide sales, comprised of sales generated by both company-owned and franchised stores, went down by 12.9 percent to P3.99 billion in the first quarter from P4.58 billion a year ago.
First-quarter consolidated revenues also declined 18.8 percent to P2.72 billion from P3.35 billion. It said sales began to drop in March, with the company posting positive system-wide sales and same stores sales in the first two months.
The group was forced to cease operations in malls and operate stand-alone and in-line locations in a limited capacity at the start of the enhanced community quarantine in mid-March.