UNIVERSAL Robina Corp. (URC) grew its net income by 26.4 percent in the first nine months of its fiscal year 2016 ending in June.
The snack food and beverage manufacturer got a boost from one-time gains despite the challenges in its Vietnam venture.
In a disclosure to the Philippine Stock Exchange on Friday, the company said its net income went up to P12.2 billion from P9.6 billion year-on-year driven by unrealized foreign exchange gains on its New Zealand business and moderate growth across its segments, but was weighed down by the business in Vietnam.
Net sales increased by 4.2 percent to P85.37 billion, mainly driven by branded food products in the Philippines, Indonesia, Griffin’s, and renewables.
The branded consumer food (BCF) business, excluding packaging, grew by 2.6 percent to P69.734 billion from a year earlier as Philippine-based BCF sales went up 4.5 percent, while international BCF sales were flat at P24.653 billion.
The company noted the “… challenges in Vietnam dragged down results of the international branded business.”
Its non-BCF sales grew by 12.8 percent to P14.798 billion from P13.116 billion, driven by renewables and feeds.