Philippines' Universal Robina net income drops to P9.7b in first nine months

This is even as its core net income grew 9%.

Universal Robina Corporation (URC) reported its net income amounted to P9.7b in the first nine months of the year, down from a year ago.

This is “lower versus the same period last year due primarily to a gain on sale of assets booked last year,” the company said in a statement.

This is even as its operating income rose by 10% to P10.8b, with the third quarter growing by 35% and its core net income rising by 9% over the same period.

Moreover, URC’s sales in the first nine months reached P107.9b, increasing by 26% year-on-year.

For the third quarter, sales grew by 32%, largely driven by the “strong reopening momentum.”

Over the same period, URC’s financial position remained strong, with a healthy cash balance of P13.9b, net debt of P5.9b and a low gearing ratio of 0.19.

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URC net income

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