Profits of Golden Arches Development Corp., the 49-51 venture between BFFs Tan and Yang, posted a net income of P102.407 million in the first half of 2021, a sharp turnaround from a P664.215 million loss in the same period last year.
Revenues surged 22 percent year on year to P11.791 billion in the first half this year. Same-store sales jumped 22 percent year-on-year in the first half.
Profits would have been bigger if not for the spike in COVID cases.
“Business had been performing ahead of budget until the reimposition of stricter quarantine restrictions in later part of March this year that affected store hours, dine-in service and closure of some stores (mainly mall stores and traditional stores near tourist areas and schools),” GADC said.
“By the end of June, about 99 percent of its store portfolio reopened, and delivery and drive-thru remained as key channel drivers. Foot traffic and market share remained stable despite restrictions,” GADC added.
Sales were boosted in the second quarter with the “dynamite launch” of the BTS Meal on June 18 in the Philippines.