MANILA, Philippines – Universal Robina Corp. (URC) reported a 14.4 percent jump in its net income for the first half of fiscal year 2014 that started October 2013 and ending September 2014.
URC, the food and beverage arm of Gokongwei-led JG Summit Holdings Inc., said its first half net income surged to P6.22 billion on the back of higher sales.
URC registered a growth of 13.5 percent in its net sales to P45.74 billion for the first half of the fiscal year.
The company, which makes Jack n Jill snacks, C2 drinks and Payless instant noodles, reported a 26.7 percent increase in sales under its Branded Consumer Foods Group (BCFG) Philippines to P25.62 billion.
BCFG International posted 9.9 percent increase in sales in the first half to P11.77 billion, led by strong sales in Thailand and Vietnam.
Sales growth was led by the beverage division, which managed to grow by 42.2 percent, driven by the powdered beverage business and complemented by the RTD business.
Sales for URC’s non-branded consumer foods group, however, dropped by 10.3 percent due to lower sugar volumes because of production delays and unusually wet weather.
URC’s operating income also increased by 42.2 percent, amounting to P7.02 billion for the first half of fiscal year 2014.
URC said profit growth was slower than operating income due to market valuation loss and decrease in net finance revenue as the firm disposed of all bond investments and a significant portion of equity investments last year.