Jollibee Shares Drop to Five-Year Low as Profit Sinks 39% on CPI

Jollibee Foods Corp.’s profit fell 39% in the first quarter as costs surged, prompting the Philippines’ largest fastfood chain operator to review its targets and spending plan. Shares fell to the lowest in five years.

Net income declined to 1.47 billion pesos ($24 million) in the three months to March from 2.41 billion pesos a year ago, the company said on Tuesday. While revenue rose 9% to 76.5 billion pesos, operating income fell 18% to 3.95 billion pesos.