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Jollibee Foods Q2 profit falls YOY

Jollibee Foods Corp. said its second-quarter normalized net income came to 84 Philippine centavos per share, a decline of 12.5% from 95 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 909.1 million pesos, a decline of 11.7% from 1.03 billion pesos in the year-earlier period.

The normalized profit margin declined to 3.7% from 4.5% in the year-earlier period.

Total revenue increased 9.1% on an annual basis to 24.85 billion pesos from 22.79 billion pesos, and total operating expenses increased 10.5% year over year to 23.38 billion pesos from 21.16 billion pesos.

Reported net income rose on an annual basis to 1.41 billion pesos, or 1.30 pesos per share, from 1.39 billion pesos, or 1.29 pesos per share.

As of Aug. 7, US$1 was equivalent to 45.76 Philippine pesos.