Revenues and system-wide retail sales, however, grew by 9.1 percent to P127.21 billion and 11.7 percent to P171.07 billion, respectively. For the third quarter alone, net income slid by 7.9 percent to P1.87 billion from year-earlier P2.04 billion. Local sales grew 10.8 percent while “foreign business reported flat sales for the third quarter due to the negative impact of foreign exchange translation and Smashburger’s sales,” Jollibee said. Ltd., which has a binding agreement for the full acquisition of Tim Ho Wan Pte. DSPL is primarily engaged in running Tim Ho Wan chains in Singapore.

Source: Manila Times November 14, 2019 16:15 UTC