URC reports 32% Q1 net income drop due to COVID-19

Universal Robina Corp. (URC) reported a 32% drop in first-quarter net income to P2.1 billion, mainly due to foreign exchange losses and the impact of COVID-19.

Sales and operating income remained stable at P33.5 billion and P4 billion respectively, up slightly by 0.4 percent from the previous year.

URC's strong performance in January and February helped mitigate the effects of the enhanced community quarantine implemented mid-March, which disrupted supply operations and affected businesses across Asia-Pacific.