Universal Robina’s Jan-Mar earnings went down 2%

Universal Robina Corp. (URC) saw its first-quarter core earnings slip by 2 percent as weaker sugar prices weighed on its commodities business despite strong growth from branded consumer foods.

The Gokongwei-led food manufacturer said on Thursday that its core net income attributable to the parent settled at P3.8 billion in the January-to-March period.

URC said lower sugar selling prices pulled down profits from its agro-industrial and commodities segment during the quarter.

Net income from continuing operations likewise declined 4 percent to P4.1 billion. Total operating income dipped 2 percent to P5.4 billion.

Still, consolidated sales rose 6 percent to P47.9 billion. This was attributed to strong volume-led growth in its branded consumer foods business in the Philippines.

The branded consumer foods segment generated P32.2 billion in sales, up 9 percent from a year ago.

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The firm’s Philippine branded foods business climbed 10 percent to P22 billion as demand remained strong and previous pricing actions continued to support revenues.

“We started the year with strong, volume-led growth, led by BCF Philippines, reflecting accelerating momentum and continued excellence in execution. We are balancing targeted demand support with margin recovery. We remain mindful that any inflationary spillover from the Middle East conflict could pressure consumer demand, and we will stay agile—managing pricing, mix and costs carefully to sustain momentum,” said URC president and CEO Irwin Lee.