Max’s Group Inc., the country’s largest casual dining restaurant group, returned to profitability with a net income of P337 million in the first quarter of the year from a net loss of P169 million year-on-year despoite weak demand.
MGI said in a disclosure to the stock exchange over the weekend first-quarter systemwide sales, comprising of those generated by both company-owned and franchised stores, reached P2.84 billion, down 29 percent on year, due to the mobility restrictions imposed by the government.
The company attributed the positive first-quarter performance to the adjustments in business models throughout the pandemic as well as asset rationalization strategies.
Operating income during the quarter jumped 353 percent to P145 million on year.
“We are gratified that our strategic shifts to focus on our core portfolio of iconic brands, rapidly pivot towards a diversified go-to-market strategy, optimize both our store network and head office structure, transform our total cost model, enhance our product margins, and embrace new sources of wealth via B2B and channel innovations, have paid off in our commercial results,” said MGI president and chief executive Robert Ramon Trota.