Listed Universal Robina Corp. (URC) saw its net income in the first quarter of 2020 drop by 32 percent to P2.1 billion,from the P3 billion posted in the same period last year. Net sales in the quarter hit P33.5 billion, while operating income, including hog market valuation, reached P4 billion. Sales of its branded consumer foods contributed P25.7 billion, with domestic revenues up 3 percent and operating income rising by 17 percent versus last year. Operating income shed 26 percent because of weakness in Indochina and the negative impact of foreign exchange devaluations in international currencies. Sales of URC’s agro-industrial and commodities group increased by 9 percent to P7.8 billion in the first three months, while operating income slid by 4 percent.

Source: Manila Times April 29, 2020 16:41 UTC