SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) is hopeful to return to profitability in the fourth quarter of the year despite posting continuing losses in the third quarter.
In a regulatory filing on Wednesday, SPAVI said it recorded a net loss of P171.95 million in the July-to-September period, reversing last year’s profits of P161.81 million.
Its revenues were down 48% to P1.06 billion, as dine-in services at its stores remain limited due to coronavirus-related restrictions.
However, SPAVI said it started to post a net income in the month of September, ending consecutive months of losses since the coronavirus pandemic started.
“Though there remain challenges in the overall environment, we are nevertheless pleased to see a gradual improvement in demand. Our recovery rate in the third quarter has been better than expected, mainly driven by the sustained healthy growth of our off-premise business and a marked improvement in dine-in sales,” SPAVI President and CEO Vicente L. Gregorio said in a statement.
“We look forward to seeing continued improvement, most especially with the arrival of ‘–ber’ months, traditional periods of celebration in the Philippines,” he added.
On a year-to-date basis, SPAVI recorded a net loss of P461.91 million, a turnaround of last year’s net income of P550.43 million.
It generated 35% lower revenues at P3.83 billion, largely due to temporary store closures in the early months of the pandemic.
“With the worst of this crisis hopefully now behind us, we are setting our medium and long-term priorities… We are energized by the positive reception to our recent initiatives and we will continue to strive to not only meet, but exceed our guests’ evolving needs and expectations in this new normal,” Mr. Gregorio said.
SPAVI is the listed operator of Shakey’s Pizza and Peri-Peri Charcoal Chicken in the Philippines.
On Wednesday, shares in SPAVI at the stock exchange grew 68 centavos or 8.76% to P8.44 each. — Denise A. Valdez