Max's Group suffers ₱1.68-B net loss in 2020

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Metro Manila (CNN Philippines, April 8) — Local casual dining chain Max's Group Inc. failed to be profitable last year as losses bled to ₱1.68 billion due to coronavirus restrictions.

The figure is a reversal from the ₱740.28 million net income in 2019.

This as systemwide salescomprised of sales generated by both company-owned and franchise storesdropped by almost half to ₱10.85 billion against the ₱20.11 billion generated a year earlier, Max's said in a disclosure on Thursday.

The group's brands include Max's Restaurant, Pancake House, Yellow Cab Pizza Co., Krispy Kreme, Jamba Juice, Max's Corner Bakery, Teriyaki Boy, Dencio's, Sizzlin' Steak, Maple, Max's Kabisera, Le Coeur De France, and Singkit.

For the fourth quarter alone, Max's sustained losses reaching ₱700 million, still feeling the brunt of the pandemic despite looser lockdown rules in the period.

"This extraordinary year was a reflection of the global restaurant industry performance amidst the COVID-19 pandemic," said its president and chief executive officer Robert Ramon F. Trota.

"The continued shift in pandemic restrictions drove the volatility of local performance," he added.

Trota said the group is focusing more on its core brandsMax's Restaurant, Yellow Cab Pizza Co., Krispy Kreme, and Pancake Houseto keep their market relevance.

Yellow Cab and Krispy Kreme, the executive noted, have also "continued to thrive" in the international scene.

"Our international markets have demonstrated remarkable resilience to partially offset the challenges in the local environment," he said.

Shares in Max's Group went up by .84% or 5 centavos to finish at ₱6 each on Thursday.