Universal Robina Corp. (URC) said profit for the first nine months of the year reached P7.5 billion, up 7 percent from P7 billion the prior year.
Sales amounted to P99.77 billion, slightly down from the prior year’s P99.78 billion.
Stockbroker SB Equities Inc., said URC’s results were in-line with estimates while Colfinancial.com said the company could still disappoint in the fourth quarter if consumer demand remains weak going into the Christmas season.
URC said the pandemic has deteriorated trading conditions, and resulted in market contractions, in several snack food and beverage categories the company competes in.
URC said it gained “significant market shares” resulting to a performance that is “ahead of the market.”
“While holding ground in sales, URC operating income increased 8 percent to P11.9 billion behind better cost management and favorable input prices, offsetting investments in brand building and close to P300 million of COVID-19 related expenses to safeguard people and support business continuity,” it said.
“URC’s financial position remains strong, with P15.9 billion of cash balance, and gearing ratio remaining low at 0.39x. Net debt also improved, amounting to P20.9 billion, a P8.3 billion improvement versus a year ago,” it added.