Jollibee Foods Corp posts consolidated net loss of P11.51 billion for 2020

ABS-CBN News

Posted at Apr 13 2021 11:41 AM

Jollibee Foods Corp posts consolidated net loss of P11.51 billion for 2020 1
A fast food chain in Quezon City remains open, only for take-out and delivery on March 17, 2020 under the enhanced community quarantine. Mark Demayo, ABS-CBN News/File

MANILA - Jollibee Foods Corp said Tuesday it posted a consolidated net loss attributable to equity holders of P11.51 billion for 2020, 0.1 percent higher compared to the earlier unaudited tally of P11.49 billion.

"The difference resulted mainly from adjustments during the audit period," JFC told the stock exchange. The net loss is 257.6 percent lower compared to its P7.3 billion profit in 2019, it said.

The consolidated net loss includes expenses related to JFC's business transformation program worth P6.7 billion. "Significant costs" due to the onset of the COVID-19 pandemic were also factored in, it said.

Store closures and lower sales per store due to the pandemic dampened revenues and system-wide sales, which decreased by 28 percent and 27.8 percent, respectively, it added.

Economic stimulus packages received from the governments of Singapore, China, United States and Europe were partly offset by emergency response fund, and the assistance to front liners, health workers and low-income households, JFC said. The operator has footprint in the said countries.

Operating loss increased by 1.5 percent to P12.8 billion from P12.6 billion disclosed in February, the country's largest restaurant operator said. 

Several stores were closed temporarily closed during the first lockdown in mid-March 2020 which dented sales for restaurants especially in Luzon. 

Quarantine measures of varying strictness have been in place since March 2020, directly affecting the restaurant business in the country.

Metro Manila, Rizal, Cavite, Laguna and Bulacan were once again placed under modified enhanced community quarantine where only outdoor dine-in, delivery and pickups in restaurants are allowed.

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