Pancake House 9-month net income up 25%

Lorenzo-led casual dining restaurant owner and operator Pancake House Inc. reported that its net income for the first nine months of the year grew by 25 percent from a year earlier on higher revenues and lower costs. In a report to regulators, Pancake House said its net income for January to September increased 25 percent to P36.98 million. Consolidated revenues jumped by 18.7 percent to P1.18 billion from last year's P995.7 million. Combined restaurant and commissary sales improved by 19 percent while franchise revenues increased by 7 percent. The Pancake House brand's total revenues from operations during the period amounted to P470.5 million, up by P46.1 million from P424.5 million for the same period last year. Meanwhile, the firm's Dencio’s brand reported a 1.6-percent decrease in revenues to P249.3 million from P253 million last year. Teriyaki Boy generated P451.8 million. In addition, its Singkit restaurant reported a net loss of P930,000, lower from last year’s loss of P1.4 million brought about by the opening of its first franchised outlet in Ortigas Center. "With several new outlets slated for opening during the remainder of the year and the expansion of operations of certain brands overseas, the group is even more strongly positioned to attain further growth in its profitability," the company said. Pancake House said that it has high hopes of improving Teriyaki Boy’s bottom line with the expansion of its operations by launching a Japanese steak concept under the “The Sizzlin Pepper Steak" brand. It added that the first outlet was opened in Trinoma in June 2007 and more outlets are projected to open within the 12 months in certain key locations. As of end of September, the Pancake group had a total of 129 outlets. Pancake House restaurant had 70 outlets; Dencios, 25; Teriyaki Boy, 31 and Singkit, three branches. - Cheryl Arcibal, GMANews.TV