Max’s books P1.7B losses

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    Max’s Group Inc. posted a P1.68 billion loss last year compared with a P724.23-million profit in 2019.

    The company said it booked a one-off cost after tax of P727 million last year associated with business reorganization.

    Revenues were at P7.14 billion, down 50 percent from P14.4 billion the prior year, over systemwide sales of P10.85 billion, 46 percent lower than 2019’s P20.11 billion.

    Last year, the company focused on core brands of Max’s Restaurant, Yellow Cab Pizza Co. Krispy Kreme, and Pancake House to maintain market relevance and continued to strategically invest in opening stores throughout the pandemic both locally and abroad.