Friday, 14 August 2009

Jollibee makes P1.3 B in first half, up 16%

Manila Bulletin

Jollibee Foods Corporation reported a 16.2 percent jump in profits for the first half of the year to P1.31 billion even though net income grew by a slower 15.6 percent in the second quarter to P746 million.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, the firm said systemwide sales grew 12.4 percent to P30.96 billion in the first half and 11.1 percent in the second quarter to P15.89 billion.

Total revenues rose 12.2 percent in the first half to P23.37 billion from P20.83 billion last year while revenues rose 11.1 percent to P12.03 billion from P10.84 billion in the second quarter.

“We continue to be encouraged by the relative resilience of our business and the recovery of our profit margins. We remain optimistic about our long term growth but our outlook for the short term continues to be tempered with caution,” said JFC chairman Tony Tan Caktiong.

He explained that there are indications that the slow down of economic growth in the Philippines, China and the United States has dragged down the growth rates in consumer spending in branded restaurants
including those in the fast food segment.

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