Jollibee Foods Corp.’s audited net income decreased by 15.9 percent to P6.42 billion from P7.64 billion in 2018. In a disclosure on Wednesday, the listed fast food giant reported that its net income attributable to equity holders of the parent slipped by 21.7 percent to P6.43 billion from P8.21 billion the year before and net operating income slid by 29.8 percent to P6.5 billion from P9.25 billion. Revenues grew by 11.5 percent to P179.63 billion from P161.16 billion, it said. “Operating costs are also significantly being reduced at all levels — at the stores, commissaries, support services and main offices in all regions in the world,” Jollibee said. Jollibee shares decreased by P7.10 or 4.87 percent to close at P141.50 each on Thursday.

Source: Manila Times April 16, 2020 17:03 UTC