URC posts P5.4-B H1 income

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Universal Robina Corp. (URC) increased its net profit for the first semester by 9 percent year-on-year to P5.4 billion, driven by the ongoing regeneration of the national coffee company after a three-year decline.

 

URC published net revenues of P67 billion, a 4 percent rise compared to last year’s same period, fueled by powerful development in the Philippine consumer food company.

 

Consumer, industrial and global divisions enhanced margins. Operating income for six months, excluding market valuation for hogs, increased to P7.6 billion by 8 percent year-on-year, with margins enhancing by 41 basis points compared to last year. “We are happy that our top strategic priority continues to be on track to pivot our Philippines branded consumer food division back to powerful development.

 

The route to market and product supply chain transformation programs we identified and discussed last year have begun to bear fruit; but we must continue to concentrate on ideal execution, “said URC chairman Irwin Lee in a press release. Sales of domestic and international consumer branded foods increased by 4 percent compared to last year’s same period, amounting to P51.5 billion.

 

Domestic revenue risen by 10% while operating revenue increased by 15%. This has been driven by double-digit development in coffee companies, snacks and joint venture.International earnings fell by 4% in terms of pesos due to negative foreign exchange translation, but global working earnings continued to rise by 2% compared to last year, with margins expanding by 46 basis points despite a weaker topline

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