URC nets P12B

GOKONGWEI-led regional food and beverage giant Universal Robina Corp. grew its net profit in the nine-month period ending June by 25.9 percent year-on-year to P12.03 billion, driven by higher domestic sales of brand consumer food and some foreign exchange gains.

For the quarter ending June, net profit attributable to shareholders of parent firm rose by 21.3 percent year-on-year to P3.76 billion, URC said in a regulatory filing.

URC’s core earnings before tax – referring to operating profit after equity earnings, net finance costs and other income – amounted to P12.54 billion, an increase of 2.9 percent year-on-year.

Outside of its operating profit, URC chalked up a net foreign exchange gain amounted to P1.14 billion for the nine-month period, a turnaround from the P254 million net foreign exchange loss reported in the same period last year, due to the combined effects of appreciation of international subsidiaries’ local currencies against US dollar, particularly Indonesian rupiah and New Zealand dollar, and depreciation of Philippine peso against US dollar. It also posted gains from the market valuation of financial assets.

Consolidated sales for the nine-month period rose by 4.2 percent year-on-year to P85.37 billion, buoyed by the branded consumer foods segment which firmed up by 2.6 percent to P69.73 billion.