Pancake House sees healthy growth amid lower economic growth

MANILA, Philippines -Lorenzo-owned casual dining restaurant operator Pancake House Inc. is still expecting a robust growth for this year despite slower economic expansion and soaring consumer prices. Martin P. Lorenzo, Pancake House chairman and chief executive officer, told reporters that the company's profits will be lifted by opening additional stores and its latest acquisitions. He said profits are seen to shot up between P60 million and P90 million, or almost 43 percent over a year ago while consolidated revenues may reach between P1.8 billion and P2.1 billion, or a 31.25-percent improvement from last year’s. Lorenzo also said system-wide sales would reach P2.2 billion to 2.6 billion by year-end. For the year Pancake House is also allotting P70 million for its capital expenditures as it plans to open between 23 stores to 25 stores. Of this, eight will be company-owned and the rest are franchise. The company will be opening three Pancake House branches in Malaysia and a Teriyaki Boy branch in Vietnam this year. Lorenzo also said they would concentrate on growing its brands this year which also include its flagship Dencio's, Singkit and Sizzlin' Pepper Steak. The company has earlier bought 100 percent of Boulangerie Française Inc., which operates pastry-maker Le Coeur de France for P30 million. Pancake House International, which is the company’s assigned vehicle for international franchising business, also bought Le Coeur de France’s related intellectual property rights from the trademark owner, Baratow Ltd. for P53 million. GMANews.tv