Shakey’s incurred P172-m loss in Q3

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Credit: Read the original article from Manila Standard Business.

Shakey’s Pizza Asia Ventures Inc., a leading full-service restaurant chain, said Thursday it posted a net loss of P172 million in the third quarter, a reversal of the P161.8-million net income it bookedin the same period last year as business operations remained affected by the pandemic.Shakey’s said in a disclosure to the stock exchange third-quarter revenues dropped 48 percent to P1.06 billion from P2.04 billion it posted a year ago.Shakey’s president Vicente Gregorio said, however, that they were now seeing gradual improvement in operations as the company managed to register a positive net income in September, a first since the pandemic started.

System-wide sales in the three months ending September reached P1.4 billion, equivalent to 56 percent of last year’s sales. Since dine-in services resumed in June, the company said it saw a gradual increase in dine-in sales and healthy growth of delivery business.

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