Jollibee Foods Corp., one of the largest Asian food service companies, said Wednesday net income in the second quarter fell 16.6 percent to P2.32 billion from P2.78 billion in the same period last year.
JFC said in a disclosure to the stock exchange last year’s second-quarter net income included one-time gain from land conveyance and sale of land properties. It said minus the extraordinary gains, net income grew 34.6 percent year-on-year.
Second-quarter system-wide sales, a measure of all sales to consumers both from company owned and franchised stores, grew 16.9 percent year-on-year to P85.5 billion.
System-wide sales of the Philippine business rose 14.5 percent, while international business increased 20.9 percent, driven by the China business which posted a growth of 76.9 percent and strong sales from North America, Europe and Middle East.
The strong sales translated into a record operating income of P4 billion in the second quarter, up from P3.05 billion in 2022.
“JFC delivered another quarter of solid performance, with strong double-digit growth in sales and operating income. This demonstrates the strength and resiliency of JFC,” JFC chief finance officer Richard Shin said.