Friday, 15 May 2009

Philippines' Jollibee Q1 net income up 17%

Still a lucky streak for the ‘Bee’ as Q1 net income rises 17%
Honey Madrilejos-Reyes
Business Mirror

FASTFOOD giant Jollibee Foods Corp. (JFC) said its net income in the first quarter jumped 17.2 percent year on year to P562 million on revenues that grew 13.5 percent to P11.34 billion.

The BusinessMirror reported earlier that the company, which owns leading brands like Jollibee, Chowking, Greenwich, Delifrance, Red Ribbon and Manong Pepe, defied market trend and posted growth despite the lingering global financial crisis.

However, Tony Tan Caktiong, Jollibee chairman and chief executive, said that while sales continued to be strong, the slowdown in the country’s economic growth and of the foreign markets, may dampen the company’s sales in the next quarters.

“The worldwide economic downturn has not changed our long-term goals and plans. In the short-term. Our operating plan calls for at least sustaining our most recent sales and profit growth rates,” he said in a statement on Thursday.

JFC is allocatingP4.0 billion for capital expenditures this year. The amount will finance mainly the opening of new stores, renovation of existing stores, commissary facilities and a logistics center.

“The plan is to open at least the same number of new stores in 2008 that totaled 186. The company also plans to continue pursuing the acquisition of businesses as part of its long-term growth strategy,” said its chief finance officer Ysmael Baysa.

As of end March this year, the JFC group operates 1,515 stores nationwide and 306 branches in various countries.

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