May 15, 2012
The Jollibee Foods
Corporation on Tuesday reported posted a P682 million net income for the first
quarter of 2012, 8.2 percent higher than the P631 million recorded in the same
period last year.
In a disclosure with the Philippine Stock Exchange, Jollibee said company revenues
for the first three months of the year increased by 18 percent to P16.486 billion
from P13.97 billion in the same comparable period.
Jollibee data showed
system wide retail sales in the first quarter grew 15 percent to P21.554
billion from P18.743 billion.
“The profits of our
Philippine business and some foreign business grew robustly but these were
partially offset by lower China profit margins as labor and rent expenses there
outpaced sales growth,” Chief financial officer Ysmael Baysa explained.
JFC’s net income
reflected the company’s 50-percent acquisition of the Vietnam-based SuperFoods,
which owns Highlands Coffee and Pho 24.
“Using the equity method
of accounting, the P23.1 million equity in net losses of SuperFoods decreased
JFC’s consolidated net income by 3.7% points,” the statement read.
Jollibee opened 39 new
stores in the first quarter of the year–26 in the Philippines and 13 abroad.
The JFC group claimed it
is the largest restaurant network in the Philippines, operating 2,004 stores in
the country and 509 stores abroad.
JFC does business under
the brands Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger
King. —Rouchelle Dinglasan/VS, GMA
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