MANILA, Philippines - Gokongwei-led Universal Robina Corp. (URC) reported its net income was flat at P8.63 billion for the first 9 months of its fiscal year 2014.
URC's net income inched up 1.6 percent for the 9-month period, which the company attributed to lower non-recurring gains as it disposed of all bond investments and a significant portion of equity investments last year. URC's fiscal year 2014 is from October 2013 to September 2014.
URC said net sales reached P69.239 billion for the 9-month period, growing 14.5 percent from a year ago. Net sales of total branded consumer foods jumped 20 percent to P57.58 billion, which offset a 6 percent drop in net sales of non-branded consumer foods group due to lower sugar volumes.
Operating income for the period surged 37 percent to P10.524 billion, which was attributed to lower average prices of major materials, managed operating expenses and additional scale.
Branded consumer food group in the Philippines finished the first nine months of the year with P38.885 billion in net sales, a 26 percent higher than a year ago. Beverage sales led the growth, with 43 percent jump in sales, mainly from coffee and ready-to-drink business. Snack food sales also rose by 15 percent.
On the other hand, net sales of branded consumer food overseas increased by 10 percent to P17.948 billion for the first nine months of the year, driven by sales in Thailand and Vietnam.
URC said its non-branded consumer foods business, which is composed of the commodity foods group and the agro-industrial group, reported net sales of P11.656 billion for the first nine months of the year, 6 percent lower than a year ago. This was due to a 20 percent drop in commodity foods group's sales.