EARNINGS: Jollibee says bottom line grew to P3.1B last year

Homegrown Jollibee Foods Corp. on Monday reported that its net income grew 16 percent to P3.101 billion last year from P2.667 billion in 2009. The fast-food giant posted a 10-percent jump in its sales to P70.254 billion last year, from P63.729 billion in 2009. Jollibee chairman and chief executive officer Tony Tan Caktiong said in a statement that the strong financial performance of the company can be attributed to the "growing network" of its food chains. Jollibee has 2,316 stores as of December last year, 23 percent higher than the level in 2009. The increase was bolstered by its last year's acquisition of Mang Inasal, which added 345 stores to the food network of Jollibee. Tan Caktiong pointed out that the fast-food giant was able to "preserve... its profit margins despite the fast rising cost of labor, power, and raw materials." "We look forward to continued robust sales and profit growth in the Philippines and abroad in the years ahead. We expect our fairly new businesses in China, the United States, Middle East, and Vietnam, and our newly acquired business, Mang Inasal, to drive our sales and profit growth," he said. Jollibee chief financial officer Ysmael Baysa said in the same statement that the proactive profit margin management has been critical in managing the business in the past three years. "Cost trend anticipation and timely business adjustments enabled the company to sustain fairly stable profit margins despite continuously changing costs of labor, power, and raw materials. These will continue to be critical in managing our businesses worldwide in the months and years ahead," Baysa said. — JE, GMA News