URC nets P7.74B in fiscal year 2012

By Doris C. Dumlao

Philippine Daily Inquirer

4:58 pm | Tuesday, January 15th, 2013

MANILA, Philippines—Gokongwei-led Universal Robina Corp. boosted net profit attributable to equity holders in fiscal year ending September 2012 by 66.9 percent to P7.74 billion on improved branded food operations and trading gains.

Including minority interest, URC’s net profit for the period grew by 62.9 percent to P8.2 billion, based on the company’s regulatory filing on Tuesday.

URC reported that sales expanded by 6 percent to P71.2 billion for the fiscal year, led by the branded consumer food business, which in turn benefited from better volume and scale as well as lower input prices compared to the previous year.

Meanwhile, URC recognized P1.55 billion in market valuation gain on financial instruments versus the P1.16 billion market valuation loss in fiscal 2011 due to the significant recovery in the market values of bond and equity investments.

On its core operations, local food sales went up by 16.2 percent but slower growth from the international business (+6.3 percent) and decline in sugar sales (-39.9 percent) tempered overall growth. In sum, the branded consumer food business, including the packaging division, expanded sales by 11.3 percent to P56.26 billion.

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Tags: Business , Commodities , Earnings , food , Philippines , Profit , Universal Robina Corp.

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