Fast food giant Jollibee Foods Corp. posted a net income of P1.4 billion ($30.9 million), up 9.8 percent on year, driven mostly by robust sales in its stores overseas.

In a disclosure issued today, company officials reported that system wide retail sales rose 9.5 percent to P33.9 billion ($750 million), while revenues increased 10.5 percent to P25.6 billion ($566.4 million).

Jollibee operates 357 stores abroad and sales from its foreign operations account for 17 percent of Jollibee's total sales. Sales in its outlets in China rose by 22.5 percent, while those in Vietnam and Middle East surged by 99.3 percent and 33 percent, respectively. Read more...

(www.philstar.com)