URC’S Net income flat at P3.6B due to higher financing costs
UNIVERSAL Robina Corp. (URC) posted sales of P39.8 billion for the three months ending March 31, 2023, up 11 percent versus the same period last year, and sustaining its growth momentum from 2022.
All businesses delivered strong growth despite the continued elevated inflation rates across the region.
The firm’s net income was flat at P3.6 billion due to higher financing costs and non-cash impairment on the farm’s business, while core net income was up 11 percent versus the same period last year.
URC’s financial position remains strong, with a healthy cash balance of P14 billion, net debt of P5.7 billion, and a low gearing ratio of 0.18. The domestic and international branded consumer foods group, excluding packaging, recorded sales of P26.9 billion for the first quarter. (PR)