MANILA, Philippines --- Homegrown fast-food giant Jollibee Foods Corp. (JFC) saw a 14.7-percent drop in attributable first quarter net profit to P1.53 billion, weighed down by losses incurred by American subsidiary Smashburger. JFC's systemwide sales by rose 18.1 percent year-on-year to P54.28 billion in the first three months, while revenues grew by 14.1 percent to P40.35 billion for the same period. First quarter operating income, however, fell by 10.2 percent due to Smashburger's losses. Excluding the American hamburger chain --- which was consolidated into its books starting April 2018 when JFC assumed 85 percent control --- operating income would have expanded by 9.1 percent. ...
Keep on reading: Jollibee nets P1.53B
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