by Staff Writers
Manila (AFP) June 22, 2011
Jollibee Foods Corp, the Philippines' top restaurant chain, said Wednesday it planned to set up 280 new stores this year, including 90 in China, as part of a major expansion drive.
The firm is also looking to open 30 other stores in other countries that it did not identify, as well as 160 new branches in the Philippines.
"The rapid expansion this year will be supported by more than five billion pesos ($112 million) in funds," listed Jollibee said in a disclosure statement.
The Jollibee chain has more than 600 restaurants in the Philippines, half of them operated by the company and the other half by franchise-holders.
It also runs 26 stores in the United States and also has outlets in Brunei, Hong Kong, Saudi Arabia and Vietnam.
Jollibee had seen its net profits plunge 8.8 percent from a year earlier to 631 million pesos in the three months to March due to rising inflation.
"JFC (Jollibee) hopes that commodity prices will stabilise and will not rise significantly more," it said Wednesday.
Jollibee, capitalised at 87 billion pesos, saw its share price close 1.43 percent up to 85.20 pesos after the announcement Wednesday.
The company has already established a presence in China by taking control of several restaurant chains there, including Hongzhuangyuan in 2007 and Shanghai-based Yonghe King in 2004.
Last year it announced it was taking a majority stake in the firm that owns Chinese fast food noodle chain San Pin Wang.
Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.
Native Bees are Selective about Where They Live and Feed
Indiana Dunes IN (SPX) Jun 22, 2011
Native bees - often small, stingless, solitary and unnoticed in the flashier world of stinging honeybees - are quite discriminating about where they live, according to U.S. Geological Survey research. The study found that, overall, composition of a plant community is a weak predictor of the composition of a bee community, which may seem counterintuitive at first, said USGS scientist and st ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|