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Manila's Jollibee nets $3.44 million

MANILA, May 2 -- The Philippines' largest fastfood chain reported Tuesday a net income of 89.45 million pesos ($3.44 million) for the first quarter of 1995, a 5.1 percent hike from 85.1 million pesos ($3.27 million) during the same period last year. Jollibee Foods Corp., in a statement filed with the Securities and Exchange Commission, said total revenues climbed 23.8 percent to 981.2 million pesos ($37.7 million). Total cost of sales and expenses likewise jumped 27.5 percent to 877 million pesos ($3.7 million). Sales posted a 24.3 percent rise at 876 million pesos ($33.7 million) from last year's 704.7 million pesos ($27 million). After sales, Jollibee's income from royalties and franchise fees was the second highest source of revenues at 95.8 million pesos ($3.68 million). The store signed a 27-branch franchise agreement with a Hong Kong firm in January and a Malaysian firm in February. Jollibee said in the statement it is currently preparing for the opening of a store in Romania. Angela Jocson of Jollibee International said branches are also scheduled to open this year in Hong Kong, Malaysia, Guam, Bahrain, Kuwait and a second store in the United Arab Emirates. Jollibee opened last month its first store in Dubai. It was the first of a 25-branch franchise agreement with Fine Food Trading of the UAE where more than 50,000 Filipino workers are based. The newly-opened Dubai franchise is Jollibee's eighth overseas branch. It has 5 stores in Brunei and 2 in Jakarta. Jollibee Chairman and CEO Tony Tan Caktiong said while the firm has a 'built-in and solid anchor market' in these countries which houses tens of thousands of Filipino migrant workers, it also targets to cater to nationals.

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Jollibee is the first Philippine food service company to establish presence abroad. It has 150 stores in the Philippines, compared to McDonalds' 70. upi-rcr-adr

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