Universal Robina Corp., the food manufacturing unit of JG Summit Holdings Inc., said Monday net income fell 23.6 percent in the second quarter to P2.9 billion from P3.8 billion a year ago, as expenses grew faster than revenues.
Second-quarter revenues rose 11.9 percent to P30.1 billion from P26.9 billion in the same period last year. Cost of sales climbed 14.3 percent to P20.7 billion.
URC said net income in the first half also went down 14.2 percent to P6.2 billion from P7.28 billion in the first half of 2016. Sales of goods and services in branded consumer foods segment increased 9.2 percent to P49.26 billion from P45.12 billion.
Meanwhile, Robinsons Land Corp., the real estate arm of JG Summit, said net income in the second quarter dropped 9 percent to P2.9 billion. Second-quarter real estate revenues inched up 1 percent to P10.09, billion while hotel revenues rose 7 percent to P919 million.
The company’s commercial centers group posted a 6-percent growth in revenues to P5.24 billion on full-year rental revenue contribution of lifestyle centers which opened in 2015 and revenue contribution from three new malls and two mall expansions that opened in 2016.
Sales from its residential business hit P3.3 billion, while revenues from office building division reached P1.5 billion.
