JFC’s 2020 audited loss at P11.5 billion

LISTED Jollibee Foods Corp. (JFC) on Tuesday reported an attributable net loss of P11.51 billion last year, 0.1 percent higher than the P11.49-billion loss it reported last February.
The fast food giant said the difference was mainly resulted from adjustments during the audited period.

JFC noted that the P11-billion loss includes the actual expenses used in its P6.7-billion business transformation program and the significant costs incurred due to the coronavirus disease 2019 pandemic, including its emergency response fund.

Last year, JFC announced its business transformation program, which aims to rationalize its worldwide operations.

Meanwhile, the company’s systemwide sales was still at P175.97 billion, same as disclosed in February.

Revenues, on the other hand, was 0.1 percent lower to P129.31 billion from the initially disclosed P129.48 billion.

The systemwide sales and revenues were 27.8 percent and 28 percent, respectively, weaker from year-ago levels amid permanent store closures and lower sales per store due to the pandemic.

JFC recently disclosed that it has earmarked P12.2 billion for its capital expenditures this year to fund the opening of about 450 stores.

The group currently has a store network of 5,812, of which 3,211 are located in the country and 2,601 abroad.

Shares of JFC shed 30 centavos, or 0.17 percent to finish at P179.40 apiece on Tuesday.