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Jollibee profits soar

Jollibee Foods Corporation says its net income for the first nine months grew 20.4 per cent to 2.47 billion pesos (US$60 million) thanks to robust sales and improved margins.

JFC said its system wide sales, a measure of all sales to consumers both from company-owned and franchised stores, surged by 13 per cent to 66.92 billion (US$1.6 billion).

The fast food operator saw an 18.9 per cent increase to 881.7 million (US$21.4 million) in the third quarter alone as system-wide sales hiked 12.1 per cent.

Its local businesses performed well with 9.6 per cent increase while overseas businesses rose 22.6 per cent.

In China, where it operates congee chain Hong Zhuang Yuan, fast food chain Yonghe King, noodle chain San Pin Wang, JFC experienced a 26.5 per cent business growth.

It delivered 12.6 per cent growth in the US and 24.7 per cent in Southeast Asia and the Middle East.

The company says the rise in profits were attributed to price reduction of raw materials, greater cost efficiency of its restaurants and cost improvement projects at its commisionaries in the Philippines.

JFC’s brands include Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King.

GB

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