spot_img
28 C
Philippines
Friday, March 29, 2024

URC’s profit surged 12.5% to P3.2B in Q1

- Advertisement -

Universal Robina Corp., the food manufacturing unit of JG Summit Holdings Inc., said net income attributable to equity holders of the parent company grew 12.5 percent to P3.21 billion in the first quarter of fiscal year ending December 2014 from P2.86 billion a year ago.

The company said in a financial statement filed with the Philippine Stock Exchange consolidated sales of goods and services in the first quarter of the fiscal year climbed 18.7 percent to P26.95 billion from P22.7 billion a year earlier, on strong demand for branded consumer food in the domestic and international markets.

URC’s branded consumer foods group, excluding the packaging division, saw sales increase 20.1 percent to P22.37 billion in the October-December period from P18.63 billion registered in the same period in 2013.

Sales of goods and services of BCFG accounted for 83 percent of total URC consolidated sales during the period under review.

Domestic sales of BCFG jumped 16.9 percent to P14.84 billion, as the beverage division grew 25.8 percent while sales for snack foods increased 8.1 percent, led by salty snacks, bakery and chocolate segments.

- Advertisement -

International sales of BCFC booked a robust 27-percent increase in net sales in the quarter to P7.53 billion from P5.93 billion recorded in the same period a year earlier, on strong sales growth in Thailand and Indonesia.

URC said despite a relatively weak macro environment and consumer sentiment, Thailand posted a double-digit growth, supported by strong sales of core brands, new products launches and continuation of promotional activities.

Sales in Indonesia also increased, on the back of successful new product launches for chocolates and snacks.

Meanwhile, revenues from URC’s packaging division increased 41.3 percent to P294 million in the first quarter of fiscal year 2015 from P208 million recorded in the same period last year, due to increase in volume and average selling price.

URC earlier said revenues were expected to accelerate by mid-twenties in the fiscal year 2015 on sustained growth of branded food business.

The company is set to launch it first product under a joint venture with Calbee Inc. of Japan in the second quarter of the fiscal year 2015, covering January to March.

URC in partnership with European food and beverage manufacturer Danone is also conducting a branding and marketing work and plant trial for the launching of its first product in the second quarter of fiscal year 2015.

It will also finish the construction of a manufacturing plant in central Vietnam and the second phase of a biomass power co-generation facility in the Philippines in the second quarter of fiscal year 2015.

- Advertisement -

LATEST NEWS

Popular Articles