Universal Robina sales steady in first quarter, growth affected by COVID-19


Posted at Apr 28 2020 07:40 PM

MANILA - Universal Robina Corp on Tuesday said its sales and operating income in the first quarter were steady from a year ago despite disruptions caused by the COVID-19 crisis, but net income declined due to foreign exchange losses. 

URC said in the first three months of the year, its net sales came in at P33.5 billion, while its operating income came in at P4 billion, both up slightly by 0.4 percent versus the same period last year. 

Net income, meanwhile, declined 32 percent “due mainly to non-operating foreign exchange losses on balance sheet items,” the company said. 

Despite the decline in its net income, the Gokongwei-led firm said its financial position remains strong with more than P20 billion of cash balance. Net debt also declined to P17 billion, representing a P5-billion reduction from the same period a year ago. 

URC president and CEO Irwin Lee said the company’s growth was affected by the COVID-19 crisis.

“We are also now evolving our operating model to adapt to the new normal,” Lee said. 

He added that the company’s strong balance sheet and healthy cash position will help it weather the crisis and “emerge even stronger.”