Metro Manila (CNN Philippines, April 30) — Universal Robina Corporation saw earnings surge in the first three months, the Gokongwei-led company said Friday.
In a disclosure, the food manufacturing giant reported a net income of ₱3.2 billion in the first quarter, up from ₱2.1 billion year-on-year.
URC attributed its strong quarterly performance to its nine percent growth in operating income at ₱4.3 billion and lower foreign exchange losses, controlled financing costs, and benefits from the Corporate Recovery and Tax Incentives for Enterprises Act.
Total net sales, however, saw a mild annual increase of 3% to ₱34.6 billion. This was mainly due to the “continued recovery of URC’s international business units and growth from its commodity division, which offset challenges in domestic branded consumer foods,” it said.
On the other hand , fellow Gokongwei-led company Robinsons Retail Holdings posted a slight year-on-year growth for the same period.
In a filing with the Philippine Stock Exchange on Thursday, the retail giant announced a ₱945-million net income from January to March. This is a 2.4% improvement from the ₱923 million it earned in the year-ago period.
“This was attributable to the company’s efforts to minimize the impact of the pandemic through the implementation of austerity measures and front margin improvement initiatives,” said RRH of its recent performance.
Consolidated net sales stood at ₱35.6 billion, a 16.1% decline as its supermarket and drugstore businesses came off from high bases due to panic buying last year.
However, the holdings firm reported huge growth in its e-commerce sales.
“Total e-commerce sales grew significantly by 7x from 1Q2020, with the most significant growth seen in GoRobinsons, the company’s own e-commerce website,” said RRH.
GoRobinsons at present features Robinsons Supermarket, The Marketplace, Shopwise, Handyman, True Value, Toys ‘R’ Us and No Brand, with other banners slated to get on board this 2021, added the company.
“Amid the present volatility of the business environment, we are strengthening our strategies to constantly adapt to our customers’ needs and create shared value for our stakeholders,” said RRH president & CEO Robina Gokongwei-Pe.
