URC posts higher Jan-Sept net income despite pandemic disruptions

ABS-CBN News

Posted at Oct 23 2020 10:09 AM

MANILA - Universal Robina Corp said Friday its net income rose 12 percent for the January to September period on the back of higher operating income, lower debt and interest as well as lower foreign exchange losses.

Net income for the first 9 months of the year reached P8.1 billion, URC said in a disclosure to the stock exchange.

Despite the ongoing COVID-19 pandemic, sales for the period reached P99.8 billion, up 2 percent compared to the same period last year, it said.

"The pandemic has deteriorated trading conditions, and resulted in market contractions, in several snack food and beverage categories the company competes in. Despite these challenges, URC has gained significant market shares and performed ahead of the market," URC said.

URC said its operating income was higher by 8 percent at P11.9 billion backed by better cost management and favorable input prices offsetting investments in brand building and close to P300 million COVID-19 related expenses.

Although the crisis posts continued risks, weaker consumer demand and slowing retail sales in the third quarter, URC remains committed to supporting consumers, building stronger brands and innovations to fuel growth, said president and CEO Irwin Lee.

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