Pancake House reports flat earnings

Lorenzo-owned restaurant operator Pancake House Inc. reported flat earnings in the year's first six months. In a disclosure to the Philippine Stock Exchange on Thursday, Pancake House said its earnings amounted to P25.46 million in the January to June period, a marginal increase from P24.76 it posted in the same months last year. “The net income from recurring restaurant operations improved by 24 percent to P30.5 million compared to P24.8 million for the same six-month period last year," Pancake House said. Consolidated revenues amounted to P900.18 million, slightly lower than the P905.90 million posted a year ago. Costs of sales rose 25.07 percent to P339.51 while administrative expenses also jumped 4.29 percent to P102.11 million. Total costs and expenses, however, decreased 4.38 percent to P858.98 million. Pancake House operates 178 restaurants in the country, with brands Pancake House, Dencio's, Teriyaki Boy, Sizzlin' Pepper Steak, Le Couer de France and The Chicken Rice Shop. - CMA/OMG, GMA News