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Jollibee Foods profit misses consensus by 34.8% in Q1

Jollibee Foods Corp. said its first-quarter normalized net income was 78 Philippine centavos per share, compared with the S&P Capital IQ consensus estimate of 1.19 pesos per share.

EPS declined year over year from 81 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 846.7 million pesos, a decrease from 874.3 million pesos in the prior-year period.

The normalized profit margin declined to 3.7% from 4.2% in the year-earlier period.

Total revenue grew 10.0% on an annual basis to 23.00 billion pesos from 20.91 billion pesos, and total operating expenses grew 10.4% from the prior-year period to 21.55 billion pesos from 19.52 billion pesos.

Reported net income grew 10.2% from the prior-year period to 1.19 billion pesos, or 1.09 pesos per share, from 1.08 billion pesos, or 1.00 pesos per share.

As of May 13, US$1 was equivalent to 44.53 Philippine pesos.