MANILA - Shakey's Pizza Asia Ventures said Tuesday net income in the first 9 months of the year grew 15 percent, as a larger store network improved profitability.

Recurring net income in the January to September period grew to P519 million, as system-wide sales grew 15 percent to P6 billion, the company told the stock exchange.

Net revenues in the 9-month period grew 18 percent to P5 billion. This includes an 11-percent jump to P1.6 billion in the third quarter.

Revenues will pick up in the 4th quarter, after a typically lean third quarter, said company president Vicente Gregorio.

"Nevertheless, we remain on track towards hitting our full year targets and now look forward to a good start for 2018," Gregorio said.

Shakey's shares were down 0.31 percent to P12.88 in early trading after the 9-month results were released.