Coronavirus decimates Max’s Q1 profit

This was a reversal of the P138.57 million Max’s Group Inc. earned in the same period last year.

Revenues declined by18.8% to P2.72 billion due to temporary closures of all restaurants from March 26 to April 4 and limited store operations as a result of COVID-19 prevention measures.

Systemwide sales fell 12.9% to P3.99 billion.

“The cumulative impact.of temporary store closures, dine-in restrictions and various fixed costs.have resulted in a swift reversal from last year’s performance. We anticipate that this trend continue through the second quarter as well. Despite our conservative outlook, we are gradully making progress as we mindfully reopen more locations across our network,” said Robert F. Trots, president and CEO of MGI.

The group, which comprises household name brands Max’s, Yellow Cab Pizza, Krispy Kreme and Pancake House, has reopened 573 stores representing 76% of its total store network.

MGI chied operating officer Ariel P. Fermin said their delivery business has been doing well, reflecting consumers’ confidence in its brands.

The company has put on hold new store openings and scaled down overhead costs and working capital amid a challenging business environment

As of the end of April, MGI’s store network was 756, of which 698 are located in the Philippines and 58 in various locations in North America, the Middle East and Asia.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Fraud trial opens of former Swedbank CEO

Former chief executive of Swedish bank Swedbank, Birgitte Bonnesen, went on trial in Stockholm on Tuesday to answer fraud and market manipulation charges, three years after a money laundering scandal implicating her bank erupted.