Max’s Group earnings up 32% in Q3

MANILA, Philippines — Listed casual dining restaurant chain Max’s Group Inc. posted a net income of P118.5 million in the third quarter, up 32 percent year-on-year.

This brought nine month earnings to P450.6 million,  seven percent higher than the year before.

MGI chief operating officer Ariel Fermin said the results demonstrate the benefits of enterprise-wide initiatives on accelerating talent development and driving productivity.

“Our unwavering focus on fundamentals particularly on supply chain makes us resilient amidst marketplace headwinds,” he said.

For the first nine months, system wide sales grew nine percent to P13.8 billion. Revenues grew 10 percent to P10 billion.

Restaurant sales increased nine percent to P8.3 billion,  while commissary sales gained 14 percent to P1.1 billion.

Robert Trota, president and CEO of MGI, said the company has managed to extend its momentum from the second quarter into the subsequent period by focusing on  improving  productivity  measures and  operational  performance  across  the business.

“We plan to carry a similar mindset and at the same time ramp up new store openings ushering into the Christmas season. Accordingly,  we  are  determined  and  confident  in  our ability to finish the year on a strong note while putting ourselves in a unique position to grow further come 2019,” Trota said.

As of the end of September, MGI opened 38 new stores including eight outside the Philippines.

This brings the company’s total branch network to 681 outlets, with 57 built across various cities in North America, the Middle East and Asia.