Jollibee Foods Corporation (PK)【JBFCF】株式ニュース

Jollibee posts 12.8% growth in 9-mo profit

Philippine Daily Inquirer
First Posted 20:40:00 11/11/2009

Filed Under: Company Information

FASTFOOD GIANT JOLLIBEE Foods Corp. reported a 12.8-percent rise in nine-month net profit to P1.85 billion over a year ago, as overall sales were boosted by its offshore businesses, particularly in fast-growing China.

For the third quarter alone, net profit was up by a modest 5.2 percent to P539 million over a year ago due to weakness in domestic consumer spending

System-wide sales, or the sales recorded by both company-owned and franchised stores, went up by 11.2 percent in the first nine months year-on-year, boosting operating profit by 14.1 percent.

JFC chair and chief executive officer Tony Tan Caktiong said in a statement that sales in China for the third quarter alone surged by 76 percent year-on-year. Even excluding the effect of the acquisition of Hong Zhuang Yuan in October last year, sales in China also grew by 35.5 percent during the period.

“Our China business now accounts for 10.4 percent of the Jollibee group’s worldwide sales. Our total foreign business grew by 52.8 percent over last year and now contributes 18.6 percent of JFC’s total sales versus only 3 percent just a few years ago,” Tan Caktiong said in a press statement.

Third-quarter domestic sales growth, however, slowed down to 2.3 percent on weak consumer spending aggravated by the strong typhoon in September.

“Based on our data, consumers slowed down on their spending and increased their savings rate after going through a period of high inflation in 2008,” Tan Caktiong said.

“We view this slowdown in spending as temporary. It may take the consumer a year or a little more to adjust totally to the new price levels. We believe that our sales in the Philippines will grow more robustly as soon as spending on consumer goods rise with the economic recovery,” he added. Doris C. Dumlao