Pancake House H1 profits up 7 percent
abs-cbnNEWS.com | 08/19/2008 12:06 PM
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Pancake House Inc. reported that its net income rose seven percent in the first half of the year to P31.1 million from P29.04 million as improved sales offset high operating costs.
Consolidated revenues jumped 13 percent to P895.08 million, mainly due to the opening of new stores.
Restaurant sales, meanwhile, grew 12 percent from P582.63 million to P655.41 million, which included sales from recently acquired Boulangerie Francaise Inc., operator of the Le Coeur de France brand.
As of June 2008, the company had a total of 159 outlets compared to 127 in the previous year. Eleven branches of Le Coeur de France were added to its portfolio.
Pancake House earlier said it was embarking on an aggressive expansion program in the country and in Asia despite rising inflation.
The company plans to put up to 20 stores in Malaysia by 2011. It also intends to open three to five Pancake House outlets in Singapore and one branch of its Japanese food chain, Teriyaki Boy, in Vietnam.
Locally, the group eyes expansion in areas with supermarkets and hospitals.
Pancake House expects to post a record net profit of P100 million and consolidated revenues of P2.1 billion this year.
It said it would continue to monitor its cost structures given increasing prices of inputs and supplies, rental and utility rates as well as mandated wage hikes. It said it would implement programs to maximize the resources of its chains and generate savings.
Pancake House also owns the brands Dencio's, Pepper Steak and Kabisera.
