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Jollibee’s net profit rises 15% to P3.71b

By Jenniffer B. Austria | Feb. 15, 2013 at 12:01am
Fastfood giant Jollibee Foods Corp. said Thursday net income in 2012 grew 15.1 percent to P3.71 billion from P3.23 billion posted in 2011, on strong sales in domestic and overseas markets.

JFC said in a disclosure to the stock exchange full-year revenues grew 13.6 percent to P71.04 billion in 2012 from P62.55 billion in 2011.

Systemwide sales, representing total sales to consumers, both from the company-owned and franchised stores, jumped 12.3 percent year-on-year to P92.27 billion.

Sales of restaurant chains in the Philippines grew 10.3 percent while those based abroad rose at a faster rate of 21.7 percent.

JFC chairman and chief executive Tony Tan Caktiong said in a statement the systemwide sales in all regions performed strongly in 2012, led by the China business which grew by 27.1 percent.

Sales in Southeast Asia and the Middle East also increased 23.8 percent; the Philippines, 10.3 percent; and the United States, 9.2 percent.

“Our efforts in strengthening the brands, improving the products and increasing the value to consumers have delivered strong results. As JFC celebrates its 35th year in 2013, we look forward to continued strong sales and profit this year and in the years ahead,” Tan Caktiong said.

JFC chief finance officer Ysmael Baysa said the company’s profit included a write-off of P371 million, following the closure of 14 stores in the United States and 31 in China.

Most of the assets written off were leasehold improvements, mainly in the newly developed properties like malls where the volume of visitors did not reach the level estimated before the store opening.

“The significant cost of the store closures prevented JFC from achieving an otherwise outstanding financial performance in 2012. We look forward to do a better job at making investments in new stores in the future,” Baysa said.
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