Jollibee’s Coffee Bean takeover may need antitrust review: watchdog body
Jollibee’s $350-million takeover of The Coffee Bean and Tea Leaf will need to undergo an antitrust review since it meets the threshold amount for the Philippine Competition Commission to step in, the head of the watchdog body said Wednesday.
The country’s largest fastfood operator, however, has not submitted documents on the acquisition, PCC Chairman Arsenio Balisacan told ANC’s Market Edge. WHAT’S THE NEXT MOVE.
Jollibee net income halved on Smashburger losses, Red Ribbon sales
Jollibee Foods Corp said Monday its net income April to June period fell 50.2 percent due to “extraordinary” manufacturing expenses, losses from Smashburger and lower sales of Red Ribbon.
Net income attributable to equity holders fell to P1.12 billion in the second quarter from P2.25 billion during the same period in 2018. Profits will recover by 2020, Jollibee told the stock exchange.
Shares of the country’s largest fastfood operator fell 4.26 percent at the close of trading, compared to a decline of 2.95 percent in the main index.
Jollibee said system-wide sales grew 10.2 percent in the second quarter.
Smashburger, based in the US, permanently cut prices and improved its products, JFC chief financial officer Ysmael Baysa said.
Once completed, Jollibee’s recently announced acquisition of The Coffee Bean and Tea Leaf is expected to add to profits within 12 to 18 months, Baysa said – IS THIS REALLY A GOOD MOVE & WILL THERE BE PROFIT OR FURTHER LOSSES.
- Fundamentally the buying of Coffee Bean takeover may not be a good deal
- 50.2% losses is not a small amount
- Overall JFC is still a good buy based on Value Investing
- We will not rush to buy but we will do it with Peso Averaging and Target our Profit @ 500 Peso (Long Term goal)
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