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. 

Read more: Philippines’ URC posts P6.5b net income in H1

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.