Jollibee Foods Corp. earnings up 16.1% in first half
MANILA, Philippines — Homegrown food giant Jollibee Foods Corp. on Tuesday reported a 16.1 percent rise in its earnings in the first half of the year.
In a regulatory filing, JFC said its net income surged to P4.05 billion while earnings per share grew 15.5 percent in the first six months of the year.
In the second quarter, the company’s profit jumped 15.1 percent to P2.25 billion compared to the same period last year.
JFC also said its investments for future growth “remained robust.” In the January-June period, the JFC Group opened 192 stores that serve the company’s hugely popular sweet-style spaghetti and fried chicken, 115 of which were established in the country while 77 were abroad.
JFC—which has a market capitalization of more than P293 billion—has allotted P12 billion in capital expenditures for 2018, up 33.3 percent from last year.
JFC recently grabbed the headlines after the Department of Labor and Employment ordered the company to give more than 7,000 workers permanent employment status. The fast-food giant has maintained that all of its employees are regular.
Shares in JFC were up P3.40 or 1.26 percent to close at P273.40 each at the Philippine Stock Exchange on Tuesday. — Ian Nicolas Cigaral
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