Pancake House profit up 27.3% in 9 mos

MANILA, Philippines - Pancake House Inc. reported a consolidated net income of P38 million in the nine months ending September this year, up 27.3 percent from the same period in 2010 on higher revenues with the maiden contribution from newly acquired pizza chain Yellow Cab.

In a financial report submitted to securities regulators, Pancake House said total revenues rose 8.8 percent to P1.48 billion, P1.1 billion of which came from restaurant sales.

Total system-wide sales of the group amounted to P2.04 billion, 26 percent higher than the P1.62 billion recorded a year earlier.

Commissary sales grew 35 percent to P310.29 million due to the increased number of franchisees while franchise revenues went up 18.85 percent.

Yellow Cab, which was acquired by the group in August in a deal valued at P800 million, pumped in P107.84 million or 9.81 percent to total restaurant sales.

Aside from the flagship brand Pancake House, the group also operates Dencio’s, Teriyaki Boy, Sizzlin Pepper Steak, and Le Coeur de France. It also owns Kabisera and Chicken Rice.

Consolidated EBITDA, however, fell 8.13 percent to P152.82 million due to the continued consolidation of the net losses from the group’s investment in the Culinary School and the incidental and financing costs relating to the acquisition of Yellow Cab.