Max's Group net income up in 2018

Casual dining operator Max's Group Inc. (MGI) on Wednesday reported a slight increase in its net income in 2018, driven by the growth of its core business.

In a regulatory filing submitted by MGI Corporate Information Officer Rebecca Arago, the company said its net income rose to P631 million versus the P626 million the previous year.

Topline growth was recorded at 8 percent to P13.68 billion, as systemwide sales of the company increased by 8 percent to P18.80 billion during the year.

"Our results continue to show a progress as we focus on our consumers and operate in the most cost-efficient way. Despite a rising inflationary environment, we managed to improve our profitability level," said MGI Group Chief Operating Officer Ariel Fermin.

MGI ended 2018 with a total network count of 705 outlets, after opening 66 new stores during the year, 11 international branches included.

"We are entering 2019 with guarded optimism with inflation starting to ease and election-related spending coming into play. Coupled with our business building programs, we hope this positive momentum will continue throughout the year," said MGI President and CEO Robert Trota.

Among the brands under MGI are Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Meranti, Sizzlin’ Steak, Maple, Kabisera, Le Coeur De France, and Singkit. —KBK, GMA News