Jollibee booked lower 9-mo income at P8.14B

Jollibee Foods Corp.’s (JFC) robust sales during the first nine months failed to translate into stronger profitability as higher costs and interest expenses took a bite out of the group’s earnings.

The company’s profit in the January-to-September period declined by 9.7 percent to P8.14 billion from P9 billion.

JFC’s net income attributable to equity holders of the parent likewise fell by 6 percent to P8.12 billion from a year ago’s P8.65 billion.

Consolidated revenues, meanwhile, improved by 11.6 percent to P250.2 billion from P224.22 billion.

Systemwide sales also surged to P377.7 billion, 13.5 percent higher than the previous year.

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However, the group’s operating income, after accounting for direct costs and indirect operating expenses, in the first three quarters dipped 1.3 percent to P15.9 billion.

General and administrative expenses increased by 15.8 percent to P25.80 billion from P22.27 billion.