URC’s nine-month profit falls more than a fifth
Listed Universal Robina Corp. (URC) said its profit in the first nine months of the year dropped a little more than a fifth on the back of a decline in local sales.
The Gokongwei-led food company told the stock exchange that its income in the January to September period fell P8.4 billion, 21% down from the P10.66 billion in the same period last year.
“Profitability remained weak as the company faced a decline in volumes and a change in mix, particularly on the coffee category of BCF [branded consumer food] in the Philippines, a slower than expected recovery in Vietnam and an overall unfavorable forex and input cost inflation,” URC said, citing one among many other factors that weighed down on its profit during the period.
In the nine months ending September, net sales stood at P92.41 billion, jumping 13 percent amid robust sales of core snacking and joint ventures in branded food in the domestic front, in Thailand and farms and the incremental sales coming from Snack Brands Australia.
Growth in the Philippines, including its packaging division, was unchanged annually while branded international soared 38.9 percent.