URC reports P2 B profit in quarter ending December

MANILA, Philippines—Universal Robina Corp. grew by 79 percent to P2.22 billion its net profit attributable to parent equity holders for the quarter ending December 2011 from a year ago on robust treasury gains and contribution from its international business as well as a turnaround in local operations.

Including minority interest, URC’s unaudited net income for the October to December period, the first quarter in its fiscal year 2012, amounted to P2.36 billion compared to P1.34 billion a year ago, likewise aided by the increase in the market values of bond and equity holdings and foreign exchange gain from foreign currency denominated transactions.

URC reported that revenues for the quarter had gone up by 8.7 percent year-on-year to P18.2 billion fueled by a double-digit expansion in sales of branded consumer foods, packaging and feeds businesses.

Net profit from URC International grew by 46.5 percent year-on-year to P583 million while local operations, previously battered by higher cost inputs, posted a net profit of P294 million for the quarter compared to a net loss of P85 million in the comparative period.

On the other hand, market valuation gain on financial instruments amounted to P341 million was reported for the quarter as against the P521 million market loss recognized in the same period a year ago as the market values of bond and equity security investments recovered towards the end of last year.