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Philippines' Jollibee profits up 25%

MANILA -- Philippine company Jollibee Foods' profits surged 25% last year, driven by record sales.

     The fast-food company in 2013 registered a net income attributable to equity holders of 4.67 billion pesos ($104 million), up 25.3% from the year before, according to a Monday stock exchange filing.

     System-wide sales, a measure of all sales from company-owned and franchise stores, jumped 12.8%, to a record 104.09 billion pesos.

     As of December 2013, the company, which has the biggest fast-food network in the country, was operating 2,181 restaurants in the Philippines, and 583 stores abroad.

     "JFC (Jollibee Foods Corp.) plans to accelerate the expansion of its stores nationwide," a company statement read.

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