MANILA - Universal Robina Corp on Tuesday said its net income rose 38 percent to P11.2 billion from January to September 2021 compared to the same period last year.

This is driven by benefits from the Comprehensiveduter Recovery and Tax Incentives for Enterprises (CREATE) and the gain from the sale of idle land, URC told the stock exchange.

Sales for the first nine months grew 3 percent to P102.6 billion despite constraints caused by COVID-19, it said.

It has also completed its divestment from the Oceana business, with the transaction closing on Oct. 29, 2021. URC said it expects to gain an additional $250 million for this sale.

“We continue to meet these challenges head-on, backed by strong brands that provide value to our consumers, and the strength and resilience of our employees and partners," URC president and CEO Irwin Lee said.

"The vaccination rollout across the region speeds up, it is only a matter of time before consumer sentiment improves and we resume our strong growth trajectory," Lee added.

President Rodrigo Duterte signed the CREATE law in March which lowered corporate income taxes.

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