By P.R. Venkat

Jollibee Foods Corp. posted another loss in the second quarter as Covid-19 restrictions weighed on the company's sales.

The food services company, which also owns Los Angeles-based The Coffee Bean & Tea Leaf, posted a net loss of 10.17 billion Philippine pesos ($207.3 million), it said Wednesday. Revenue fell 47% to PHP23.33 billion.

The results were also hurt by a PHP7 billion cost the company undertook as part of its business transformation plan.

Jollibee posted a net profit of PHP1.04 billion the second quarter of last year. In the first quarter, it posted a net loss of PHP1.79 billion.

The company said it expects its financial performance to improve progressively in the next two quarters as stores reopened with the easing of the Covid-19 restrictions.

"We are changing our cost structure predicting that revenues per store around the world in the medium term will be lower compared with pre-Covid levels," Ysmael V. Baysa, the company's chief financial officer said.

Jollibee, which operates more than 5,000 stores mainly in the Philippines, North America and China, said it has strengthened its balance sheet and had a net cash balance of PHP57.9 billion as of end June. 



  Write to P.R. Venkat at venkat.pr@wsj.com