Jollibee reports nearly P2-B loss in Q1 profit
Fast-food giant Jollibee Foods Corporation (JFC) has suffered a consolidated attributable net loss of about P1.8 bilion during the first three months of the year on the weight of lower revenues.
A report in Manila Bulletin showed that during the period, the company reported a 2.3-percent decline in its consolidated revenues, which settled at P39.43 billion.
“Recently-acquired Coffee Bean & Tea Leaf contributed 8.2 percent or ₱3.32 billion to the JFC Group’s consolidated revenues, but was offset by the decline in revenues of other businesses due to the impact of the COVID-19 pandemic,” the report said.
The negative impact of foreign currency translation also contributed to the decline in revenues.
Meanwhile, the company’s consolidated system wide sales (SWS) improved by 1.6 percent to P55.15 billion for the first quarter of the year largely driven by the company’s consolidation with CBTL.