URC reports 2% fall in net income, 4% rise in core income

Universal Robina Corp. (URC), the food manufacturing unit of the Gokongwei Group, reported a 2% decline in first-quarter net income to P4.3 billion, with core net income rising by 4% to P4.1 billion due to reduced costs.

Total operating income increased by 1% to P5.5 billion, while consolidated sales grew by 7% to P45.3 billion, driven by volume growth across most business segments.

URC president and CEO Irwin Lee expressed optimism about accelerating forward momentum as consumer confidence improves.

Sales for the branded consumer foods segment rose by 6% to P29.7 billion, with Philippine sales up 4% and international sales increasing by 10%, particularly in Vietnam which posted double-digit growth.

The agro-industrial and commodities group saw an 8% growth in sales to P15.6 billion, driven by higher volumes from sugar and flour businesses.

URC plans to invest at least P8 billion this year for facility expansions and capacity improvements.