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Max's Group net income up 12% to P331M in 1st half of 2017

MANILA, Philippines – Casual restaurant chain operator Max's Group Incorporated (MGI) saw its bottom line jump 12% in the 1st half of this year as its new stores bore fruit.

In a disclosure to the Philippine Stock Exchange on Tuesday, August 8, MGI reported a net income of P331.72 million, up 12% from the P295.33 million in the 1st 6 months of last year.

This was as groupwide sales also increased 12% to P8.29 billion for the period against the P7.43 billion in the 1st half of 2016. Revenues grew 11% to P6.05 billion from P5.43 billion, while restaurant sales also rose 11% to P5.04 billion from P4.53 billion, anchored on new store openings and steady same store sales performance.

Commissary sales went up 7% to P674.04 million from P630.87 million owing to a growing number of franchised outlets.

Revenues from new franchises as well as royalty and continuing license fees grew 23% to P333.65 million in the 1st half of 2017 compared to P270.52 million in the same period a year ago due to additional franchise sign-ups and a larger recurring income stream.

MGI's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at P710.03 million as of end-June 2017.

"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," said MGI president and chief executive officer Robert Trota in a statement.

The group opened 41 new stores including 6 outlets overseas, bringing its total network to 650 branches, 53 of which are abroad. MGI plans to build another 25 to 30 stores for the rest of the year.

MGI has a pipeline of around 140 stores across various locations in North America, Middle East, and Asia. So far this year, the firm has secured two development contracts to establish at least 22 Yellow Cab outlets in Vietnam, Brunei, and Malaysia within a 5-year span. – Rappler.com