Business

URC profit remains stable despite Covid-19

Universal Robina Corp. grew its net income by 12% to P8.1 billion in the first nine months, driven by higher operating income, lower debt and interest expense and foreign exchange losses.

Universal Robina Corp. grew its net income by 12% to P8.1 billion in the first nine months, driven by higher operating income, lower debt and interest expense and foreign exchange losses.

Consolidated sales rose by only 2% to P99.8 billion due to challenging trading conditions owing to the coronavirus outbreak.

URC’s branded consumer food group (BCFG) registered P76.57 billion in sales, down 2.2% on lower contributions from international operations, particularly in Vietnam and Thailand.

Overseas operations were also hit by foreign exchange devaluations particularly in Oceania.

Domestic BCFG posted a slight increase in net sales to P46.5 billion as growth in snacks, bakery, chocolates, noodles and coffee were offset by declines in ready-to-drink beverages and candies.

Operating income went up 8% to P11.9 billion on better cost management and favorable prices.

The agro-industrial and commodities group likewise saw sales decline by 7.4% to P9.22 billion as the farms business decreased by 22.8% due to lower volumes as a result of downsized operations.

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