MAX’S Q1 LOSS: P169M

Listed Max’s Group, the country’s largest casual dining restaurant group, today reported a net loss of P169 million for the first quarter of the year, compared to its P138.57 million net income in the first quarter last year.

In a disclosure to the Philippine Stock Exchange (PSE) , Max’s attributed the huge loss to the Covid 19 pandemic whereby it had to go on temporary store closures, face dine-in restrictions and continue to be hobbled by fixed costs.

As a result of these disruptions, consolidated revenues for the three months ending 31 March 2020 declined by 18.8% to P2.72 billion from P3.35 billion, the company said.

The company said that it anticipates this trend will continue through the second quarter as well. However, it said that “despite our conservative outlook, we are gradually making progress as we mindfully re-open more locations across our network.

”At present, MGI has re-opened 573 stores representing 76% of its total store network. In the last months, the company has heightened its responsiveness to the changed business environment by rationalizing menu offerings for each of its brands, optimizing inventory, and growing its delivery and take-away channels. Group Chief Operating Officer Ariel P. Fermin stated.