May 11, 2007
Updated 13:22:19 (Mla time)
MANILA, Philippines -- Fastfood chain operator Jollibee Foods Corp posted an 18.3-percent increase in first-quarter net profit to P531 million from 449 million the previous year, with system-wide sales rising 13.0 percent to P11.7 billion.
"Overall, our Philippine stores achieved growth rates that were higher than in the past two years. We attribute the strong growth to a recovery in consumer spending behind an improving economy, and to our product launches and marketing campaigns," Jollibee chairman and chief executive Tony Tan Caktiong said in a statement.
Jollibee chief finance officer Ysmael Baysa said the company's operating margin has also improved to 8.0 percent from 7.5 percent in the first quarter of last year.
"We are putting more advertising money into some brands as an investment for their long-term growth. Meanwhile, we have avoided price increases even as some costs have gone up slightly. We believe that this has helped spur the growth in sales volume," he said.
http://services.inquirer.net/express/07/05/11/html_output/xmlhtml/20070511-65360-xml.html
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