abs-cbnNEWS.com
MANILA, Philippines - Rising raw material costs and consumer prices took their toll on Jollibee Food Corp.'s (JFC) first quarter profits, which fell nearly 10% from last year.
In a financial filing with the stock exchange, the fast food giant said its net income attributable to equity holders of parent fell 9.9% to P622 million in January to March 2011 from P690 million in the same period last year.
It said both system-wide sales, which is all sales by both company-owned and franchised stores, and revenues grew, but they failed to offset higher costs and expenses.
Revenues climbed 13.7% to P13.97 billion, while system-wide sales jumped 14.7% to P18.7 billion.
"The Jollibee group's net income as a percent of its revenues decreased by 1.1 percentage points to 4.5% in the first quarter of 2011 mainly on account of a 1.3 percentage points increase in the cost of sales as a percent of revenues," explained JFC chief finance officer Ysmael Baysa.
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MANILA, Philippines - Rising raw material costs and consumer prices took their toll on Jollibee Food Corp.'s (JFC) first quarter profits, which fell nearly 10% from last year.
In a financial filing with the stock exchange, the fast food giant said its net income attributable to equity holders of parent fell 9.9% to P622 million in January to March 2011 from P690 million in the same period last year.
It said both system-wide sales, which is all sales by both company-owned and franchised stores, and revenues grew, but they failed to offset higher costs and expenses.
Revenues climbed 13.7% to P13.97 billion, while system-wide sales jumped 14.7% to P18.7 billion.
"The Jollibee group's net income as a percent of its revenues decreased by 1.1 percentage points to 4.5% in the first quarter of 2011 mainly on account of a 1.3 percentage points increase in the cost of sales as a percent of revenues," explained JFC chief finance officer Ysmael Baysa.
Read here
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