Jollibee Foods Corp. said its normalized net income for the fourth quarter was 54 Philippine centavos per share, a decline of 44.7% from 97 centavos per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 583.0 million pesos, a decrease of 44.5% from 1.05 billion pesos in the year-earlier period.
The normalized profit margin dropped to 2.0% from 4.2% in the year-earlier period.
Total revenue climbed 11.9% on an annual basis to 27.87 billion pesos from 24.92 billion pesos, and total operating expenses rose 15.7% year over year to 26.93 billion pesos from 23.27 billion pesos.
Reported net income fell 37.9% from the prior-year period to 1.07 billion pesos, or 98 centavos per share, from 1.72 billion pesos, or 1.59 pesos per share.
For the year, the company's normalized net income totaled 3.07 pesos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 5.20 pesos.
EPS declined 14.7% from 3.59 pesos in the prior year.
Normalized net income was 3.34 billion pesos, a fall of 14.2% from 3.89 billion pesos in the prior year.
Full-year total revenue increased 11.1% year over year to 100.78 billion pesos from 90.67 billion pesos, and total operating expenses rose 13.0% on an annual basis to 95.42 billion pesos from 84.44 billion pesos.
The company said reported net income decreased 8.1% year over year to 4.93 billion pesos, or 4.53 pesos per share, in the full year, from 5.36 billion pesos, or 4.96 pesos per share.
As of April 14, US$1 was equivalent to 46.12 Philippine pesos.