URC posts 14.5% net sales growth in end-June ‘14

MANILA, Aug 13(PNA) — Universal Robina Corporation (URC) on Wednesday reported the 14.5 percent increase in its net sales at the end of the third quarter of its fiscal year, which started in October 2013 and will end in September this year.

In a disclosure with the Philippine Stock Exchange (PSE), the company traced the strong sales growth to the 19.9 percent year-on-year rise of branded consumer foods (BCF), which include Jack ‘N Jill brands. Total BCF net sales reached P57.6 billion during the period.

This was due to sustained rise of sales from both the BCF Philippines, which went up 26 percent, and BCF International, 10 percent.

The disclosure, on the other than, cited that net sales of non-branded consumer food contracted by 6.3 percent “due to lower sugar volumes.”

Meanwhile, net income during the same nine-month period also rose to P8.63 billion, up 1.6 percent year-on-year.

” Growth was slower than operating income due to lower non- recurring gains as the Company disposed of all bond investments and a significant portion of equity investments last year,” it said.

Operating income during the nine-month period reached P10.52 billion, up 37 percent year-on-year.

Despite some hits, the company said it is still “financially healthy” as it remains in a net cash position of P4.277 billion. (PNA)