Jollibee's 2008 profits dip despite sales jump
Fastfood giant Jollibee Foods Corp. (JFC) registered a slight decline in profits last year despite the double-digit growth in the company's sales and revenues.
In a statement released Tuesday, JFC reported a consolidated net income of P2.322 billion in 2008, down 2.8 percent year-on-year.
However, the amount was a little higher than the P2.298 billion unaudited net income that JFC reported in February.
Sales from both JFC's company-owned and franchised stores grew 12.8 percent to P58.163 billion in 2008 from P51.551 billion in the previous year. Revenues, on the other hand, rose 13.4 percent to P43.892 billion from P38.694 billion.
At end-2008, JFC operated 1,515 stores in the Philippines and 289 stores abroad. Among its popular brands are Jollibee, Chowking, Greenwich, Red Ribbon, Manong Pepe's, and Delifrance.