URC, RLC deliver double-digit Q1 profit growth
Gokongwei-led companies saw higher first-quarter earnings on stronger sales from various business units despite a still-volatile inflationary environment.
Universal Robina Corp. (URC) booked a 21-percent growth in net income to P4.4 billion in the January to March period due to higher operating income and foreign exchange gains.
Its top line grew by 7 percent to P42.6 billion on the back of higher sales volumes across all divisions.
“Amid a cautious consumer sentiment and inflationary environment, we continue to deliver top and bottom-line value by executing strategies to grow our core businesses, while expanding into new segments, categories and geographies, and driving sustainable margin growth,” URC president and CEO Irwin Lee said in a stock exchange filing.
The branded consumer foods segment registered a 4-percent rise in sales to P28 billion, driven by growth in snacks, bakery and ready-to-drink beverages.
Article continues after this advertisementLocally, the segment delivered P19.1 billion in revenues, up by 6 percent. The international unit ended the quarter with a 4-percent growth in revenues to P8.9 billion.
Article continues after this advertisementSales of the agro-industrial and commodities group went up by 15 percent to P14.3 billion on “healthy volume growth, which offset lower selling prices for commodities.”
Meanwhile, profit of property arm Robinsons Land Corp. (RLC) reached P4.07 billion during the quarter, up by 53 percent.
Excluding a one-time gain from the reclassification of its GoTyme investment, RLC’s net income reached P3.34 billion, up by 21 percent.
“Our remarkable first-quarter results following a record-breaking year is a testament to the successful execution of our strategic initiatives,” RLC chair, president and CEO Lance Gokongwei said.
RLC’s revenues climbed by 19 percent to P11.03 billion on higher sales from its mall and hotel businesses. These units accounted for 72 percent of total revenues.
Revenues of Robinsons Malls went up by 14 percent to P4.45 billion on sustained consumer spending.
