MANILA - Max's Group Inc said Friday it posted a net loss for the first half reversing the net income it achieved in the same period last year after systemwide sales in the second quarter dropped due to the impact of the COVID-19 lockdowns.
Net loss for the second quarter reached P433.6 million compared to a net income of P227.9 million last year, bringing the first half net loss to P602.9 million from a net income of P366.4 million in the same comparable period, Max's told the stock exchange.
Second quarter systemwide sales dropped 68.9 percent to P1.6 billion due to the full impact of quarantine measures imposed since March, it said.
The entire island of Luzon, home to roughly half of the country's 100 million population was placed under lockdown in March to contain the spread of COVID-19. Under the measure, dine-in options were suspended.
Most stores relied on delivery and takeaway channels in the second quarter while strict quarantine measures are in place, the restaurant operator said.
“The poor performance for the second quarter of the year was, as expected, a result of the historic challenges the industry faces during this global pandemic," said president and CEO Robert Trota.
During the period, the group said it has focused on diversifying its consumer services and platforms to cater to the changing consumer behaviors.
“The unprecedented circumstances of this year have given us the opportunity to spark innovation through non-traditional channels and expand the flexibility of our brands offerings. It has demanded that we rethink how we can do more with less, and rebuild our foundation for sustainable growth," said Max's Group COO Ariel Fermin.
Max's operates Max's Restaurant, Yellow Cab Pizza, Krispy Kreme and Pancake House.