URC Q1 net income drops 2% amid forex headwinds

Universal Robina Corp. (URC) reported a 2% decline in its first-quarter net income to P4.3 billion, primarily due to higher foreign exchange gains in the previous year.

However, the company's core net income increased by 4% to P4.1 billion, driven by reduced finance costs.

URC's operating income saw a 1% rise to P5.5 billion, and consolidated sales grew by 7% to P45.3 billion, fueled by volume growth across most segments.

URC President and CEO Irwin C. Lee expressed optimism, highlighting impressive volume growth in key branded businesses.

Sales in the branded consumer foods segment increased by 6% to P29.7 billion.

Within this segment, BCF Philippines registered a 4% sales increase to P20.1 billion, led by double-digit volume growth in ready-to-drink beverages, snacks, and confectionery.

International sales for BCF expanded by 10% to P9.6 billion, with Vietnam showing double-digit growth and Malaysia and Indonesia demonstrating steady improvements.