URC 9-month profit down 21.8%

Gokongwei-led Universal Robina Corp. saw a 21.8-percent year-on-year decline in nine-month net profit attributable to equity holders of parent firm to P8.21 billion as intense competition gnawed on its coffee business, compounded by lower foreign exchange gains and higher finance costs.

Nine-month operating income fell by 7.4 percent year-on-year to P10.77 billion.

In a regulatory filing, URC said consolidated sale of goods and services had risen by 13.1 percent year-on-year to P92.415 billion on higher earnings from its branded consumer food business.

Domestic operations of its branded consumer food business a 1.4-percent decline in net sales to P43.692 billion for the nine months.
The international operations of its branded consumer food posted a 38.9-percent growth in net sales to P31.23 billion. —DORIS DUMLAO-ABADILLA