MANILA -- Jollibee Foods Corp on Wednesday said its net income in the January to March period fell due to losses from Smashburger, a US-based chain it acquired last year.
Net income attributable to shareholders fell 14.7 percent to P1.53 billion in the first 3 months of the year, the Philippines' largest fast food operator told the stock exchange.
System wide sales rose 18.1 percent in the first quarter to P54.3 billion while sales in the Philippines grew 9.5 percent, it said.
The Philippines accounts for 73 percent of Jollibee's business.
Sales and profit are likely to recover in the third and fourth quarter, chief financial officer Ysmael Baysa earlier said.
Jollibee plans to open at least 250 new stores in the Philippines and 250 abroad this year with planned investments of P17.2 billion, the statement said.
The company plans to open its first Jollibee store in Spain this year, its first Tim Ho Wan franchise store in Shanghai, its first Tortas Frontera store in downtown Chicago and its first Panda Express franchise store in Manila.
As of March 21, Jollibee operates 3,141 restaurant outlets in the country and and 1,402 abroad.