Lower profits in its sugar and renewables business has impacted the performance of Gokongwei-led food and beverage firm Universal Robina Corp. (URC) for its quarter 3, 2024 showinging.
URC recorded an 18-percent drop in its net income during the period to P8.02 billion from P9.74 billion last year.
Core earnings for the three quarters declined by five percent year-on-year to P8.93 billion on the back of higher tax provisions and finance costs.
Net income from continuing operations stood at P9.2 billion, down by 11 percent from last year as the company recorded lower foreign exchange gains in the period. The company reported lower profits in its sugar and renewables business as sugar prices continued easing this year against last year’s record highs.
URC’s sales, on the other hand, saw a one-percent improvement to P118.9 billion with volume-led growth tempered by product mix and foreign exchange.
Sales for the branded consumer foods group, not including its packaging business and operations in China, ended the nine-month period at P81.8 billion, up by two percent year-on-year.
URC said that all international business units posted volume and value growth as well as market share gains despite the weak consumer sentiment across the region.
For its agro-industrial and commodities group, revenue growth was impacted by the decline in hog feeds volumes as the country’s hog population continues to be affected by disease outbreaks.
Despite this, the agro-industrial and commodities group posted a two-percent increase in revenues to P36.2 billion as volume growth was offset by price adjustments across most businesses.
With additional report: The Philippine Star, Richmond Mercurio
