Universal robina books P9.7B in net income

UNIVERSAL Robina Corp. (URC) sales from January to September this year reached P107.9 billion, up 26 percent versus the sales in the same period in 2021. Sales in the third quarter posted a growth of 32 percent versus the third quarter last year on the back of the strong reopening momentum from economies around the region. Operating income for the nine-month period grew by 10 percent to P10.8 billion, with the third quarter increasing by 35 percent versus the operating income recorded in the same period last year. Absolute profits grew as planned on the back of higher sales volumes, programmed price increases and executed cost savings initiatives. Net income ended at P9.7 billion, lower than the net income of the same period last year due primarily to a gain on sale of assets booked last year. Core net income (excluding one-offs) was up nine percent in line with operating income growth. URC’s financial position remains strong, with a healthy cash balance of P13.9 billion, net debt of P5.9 billion and a low gearing ratio of 0.19. (PR)