Max's optimism 'guarded' with cooling inflation, poll spending


Posted at Mar 20 2019 09:00 AM

Max's optimism 'guarded' with cooling inflation, poll spending 1
Max's Fried Chicken's signature chicken dish is shown in this photo from the restaurant chain's Facebook page

MANILA -- Max's Group said Wednesday it was looking at this year with "guarded optimism" with inflation cooling and the May elections seen to spur spending.

The operator of Max's Restaurant, Yellow Cab and Pancake House said net income was little changed at P631 million in 2018 from P626 million in the previous year due to P146 million in deferred tax benefits.

"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 Max's Group president and CEO Robert Trota.

Systemwide sales from 705 outlets rose 8 percent to P18.8 billion compared to 2017. Restaurant sales grew 8 percent to P11.3 billion. The company said it opened 66 new stores last year, including 11 overseas.

Franchising income grew 6 percent to P820.4 million, Max's Group told the stock exchange. The company earlier said it was looking at franchising to cut costs.