Max’s Group Inc. registered a net loss of P1.68 billion in 2020, a reversal from a year ago as the pandemic severely affected the group’s restaurant business.
Max’s Group said in a disclosure to the stock exchange the full-year net loss included a one-off cost after tax of P727 million related to business reorganization.
Consolidated revenues dropped 50 percent to P7.14 billion in 2020 from P14.4 billion in 2019, while systemwide sales, which comprised of sales generated by both company-owned and franchised stores, fell 46 percent to P10.85 billion from P20.11 billion in the previous year.
The fourth quarter saw the company posting a loss of P700 million. Systemwide sales and revenues totaled P3 billion and P1.94 billion, up 34 percent and 40 percent from the previous quarter, respectively.
“This extraordinary year was a reflection of the global restaurant industry performance amid the COVID-19 pandemic,” said Max’s Group president and chief executive Robert Ramon Trota.
