Listed Max’s Group Inc. reported on Friday that it incurred a P981.6-million net loss in the first nine months of 2020 on the continued impact of the coronavirus pandemic on its operations. Despite also posting a P378.8-million loss in the third quarter alone, the company said it saw a quarter-on-quarter rebound as its system-wide sales (SWS) improved by 40 percent to P2.24 billion and revenues climbed by 30 percent to P1.06 billion. SWS in the first three quarters, meanwhile, was down 46 percent to P7.8 billion from P14.6 billion last year, with same-store sales declining by 35 percent. Revenues dropped by half to P5.2 billion at end- September from P10.4 billion in the same period last year. Max’s shares shed 4 centavos or 0.59 percent to close at P6.75 each on Friday.

Source: Manila Times November 14, 2020 16:18 UTC