By Honey Madrilejos-Reyes
Reporter
LISTED restaurant operator Pancake House Inc. (PHI) posted a steady growth in net profit for the first nine months of the year to P23.1 million, a 67-percent growth from the P13.8 million-posted in the same period in 2005.
Consolidated revenues also grew by a hefty 89 percent from P527.4 million to P995.7 million, as restaurant sales surged by nearly 120 percent while commissary and franchise sales also improved by 49 percent and 31 percent, respectively.
In a quarterly report filed with the Securities and Exchange Commission (SEC), the Lorenzo-led PHI said profits were pushed mostly by flagship Pancake House, which posted a net income of P23.8 million, coupled with the continued improved performance of Dencio’s and the impressive feat of Teriyaki Boy restaurant.
Total revenues from Pancake House amounted to P424.5 million during the nine-month period from P367.7 million for the same period last year.
Meanwhile, Dencio’s revenues grew 58 percent from P160.1 million last year to P253.4 million this year. “Its continuing turnaround has been propelled by the opening of new outlets and the growth in franchising income,” the company said.
Teriyaki Boy generated P315.8 million in revenues from January to September this year, 86 percent of which was contributed by the restaurant operations.
“With several new outlets scheduled to be opened in the next 12 months especially for Teriyaki Boy, the group is even more strongly positioned to attain further growth in commissary and restaurant sales as well as franchising revenues,” PHI said.
The restaurant business, like any other business engaged in consumer products, is affected by the level of disposable income of customers. However, except for the natural trend where people eat out less during the rainy season and spend more during special occasions, there are no other seasonality or cyclicality of interim operations.
Pancake House shares on Thursday fell 1.6 percent to P6.10.
Business Mirror
November 17, 2006
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