MANILA - Jollibee Foods Corp. said Friday net income rose 17.3 percent in the first 3 months of the year, as higher expenses offset growth in revenues, according to a stock exchange filing.

Net income attributable to shareholders grew to P1.8 billion in the first quarter from P1.5 billion during the same period in 2017, the country's largest fast food operator said.

Gross revenues rose 19.4 percent to P35 billion while gross expenses rose 19.7 percent to nearly P32 billion, Jollibee said.

Jollibee shares were up 2 percent at noon, compared to a 2.47-percent increase in the main index.

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Casual restaurant operator Max's Group said Thursday net income fell 30 percent in the first quarter due to higher costs of raw materials and labor.

Inflation reached a 5-year peak in April and on Thursday, the Bangko Sentral ng Pilipinas raised the benchmark borrowing rate for the first time since September 2014.

• Max's Q1 net income falls 30 pct on raw material, manpower costs