MANILA, Philippines - Lorenzo-led Pancake House Inc. posted nine-month earnings of P80.54 million, more than double the P38 million recorded in the same period in 2011 on increased store sales and hefty contributions from its New York style pizza chain Yellow Cab.
Based on financial statements submitted to the Philippine Stock Exchange (PSE), Pancake House registered revenues of P2.5 billion, up 69 percent as store sales expanded by 91 percent due to the consolidation of the Yellow Cab operations.
Yellow Cab contributed 47.3 percent to total revenues.
Total system-wide sales grew 50 percent to P3 billion.
Commissary sales and franchise revenues grew 21 percent, collectively due to increased number of franchisees and sustainable growth in same store sales of franchisees.
EBITDA, which measures the company’s ability to generate cash from operations, stood at P293 million, 64 percent higher than the P179 million reported the previous year. Income from operations likewise went up 32.8 percent to P86.81 million.
Total costs and expenses likewise climbed 69 percent to P2.41 billion due to enlarged central office operations which reflects the impact of the consolidation of Yellow Cab.
As of end-Sept. this year, the group had a total of 279 outlets, broken down as follows: Pancake House 99, Yellow Cab 91, Teriyaki Boy 35, Sizzlin Pepper Steak 19, Dencios 18, Le Coeur de France 13 and The Chicken Rice Shop 4.
By yearend, the group’s store network is expected to reach 300 as it sets up operations in New Wave Cities such as Cebu, Davao, Laoag and Subic.
To further boost revenues, the group is undertaking an aggressive expansion overseas with plans to build 300 stores in five to seven years.