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MANILA, Philippines - Fast-food giant Jollibee Foods Corp. saw a 34.4 percent year-on-year drop in attributable net profit in the first semester to P2.66 billion, dragged down by losses from American hamburger chain Smashburger losses. For the seJollibee profit slides by 50.2% on Smashburger losses
MANILA, Philippines - Fast-food giant Jollibee Foods Corp. saw a 34.4 percent year-on-year drop in attributable net profit in the first semester to P2.66 billion, dragged down by losses from American hamburger chain Smashburger losses. For the second quarter alone, net profit slid by 50.2 percent year-on-year to P1.1 billion. Aside from losses from American hamburger chain Smashburger, extraordinary manufacturing expenses related to Red Ribbon's transition to a new plant gnawed on the company's earnings. Six-month revenues increased by 9.8 percent year-on-year to P79.52 billion, driven by systemwide sales with rose by 13.8 percent to P59.43 billion. However, revenue g...Keep on reading: Jollibee profit slides by 50.2% on Smashburger losses Read more











