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.
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