Jollibee Foods Corp., the largest Asian restaurant company, said net income in the first quarter rose 2.9 percent to P1.474 billion from P1.432 billion year-on-year.
Jollibee disclosed to the Philippine Stock Exchange net income attributable to equity holders of the parent company also increased 9.6 percent to P1.533 billion during the period from P1.398 billion on year.
“The profit growth improvement was a result of the acquisition of the remaining 30 percent of Mang Inasal in April 2016 that brought additional profit to JFC,” the company said.
The company’s system wide sales, a measure of all sales to consumers, both from company-owned and franchised stores, grew 12.2 percent in the first quarter to P38.537 billion from P34.345 billion a year ago.
