GMA News
URC net income down by P988M as quarantine drags supply operations
Universal Robina Corporation (URC) reported a net income of ₱2.137 billion for the first quarter of 2020, a 31.6 percent decrease from the previous year.
The company's net income decline was attributed to decreased sales in its branded consumer foods (BCF) segment and non-operating foreign exchange losses.
Sales of URC's BCF segment, excluding packaging, decreased by 1.4% or P361 million to P25.412 billion.
International BCF operations also reported a 7.8% decrease in net sales to P9.720 billion, due to foreign exchange devaluations in New Zealand and Australia.
URC President Irwin Lee stated that while the company started 2020 well, its growth momentum was impacted by COVID-19 related disruptions, particularly the enhanced community quarantine (ECQ) in the Philippines affecting supply operations.
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