Pancake House net profit falls 3% in Q1
abs-cbnnews.com | 05/20/2008 8:59 AM
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Pancake House Inc. reported that its net profit slightly fell by 3.0 percent in the first quarter to P14 million from P14.5 million in the same quarter last year amid rising raw material costs.
Earnings of Pancake House and Dencio chains decreased to P5.2 million from P9.91 million, the parent told the stock exchange.
But subsidiary Teriyaki Boy contributed a net income of P13 million, higher than last year's P7 million.
Consolidated revenues jumped 16.7 percent to P458.07 million, owing mainly to new outlets opened. As of March 2008, the group had a total of 157 outlets from 122 in the same month last year.
Combined restaurant and commissary sales rose 16.7 percent to P432.72 million while franchise revenues climbed 16.6 percent to P25.35 million.
Revenue from Pancake House operations was slightly up at P242.94 million while that from Teriyaki Boy increased by 22 percent to P187 million.
In February, Pancake House bought café bakery brand Le Coeur de France for about P105 million, in line with its plan to launch the French bakery line in Vietnam.
Le Coeur now has 13 stores in Metro Manila, with revenues amounting to P26.46 million in the first two months from acquisition.
The group said it continues to monitor closely its cost structures given increasing prices of inputs and supplies, rental and utility rates as well as government-mandated wage hikes. It said it would implement programs to maximize the resources of its chains and generate savings.
Pancake House's consolidated operating expenses for the first three months went up to P131 million from P104 million.
