In a statement, URC said its net sales reached P34 billion, up 1% despite the COVID-19 situation “as strong growth in snackfoods, boodles, powdered drinks, animal feeds, flour and sugar offset out-of-home consumption declines in candies and ready-to-drink (RTD) beverages.”
Operating income stood at P4.3 billion and was up 16% from last year, “driven by positive category mix and disciplined cost control amid the pandemic.”
For January to June, URC’s net income grew 13% to P6 billion “driven by an 8% increase in operating income to P8.2 billion and lower foreign exchange losses.”
Net sales continued amounted to P67.4 billion, “with better than expected delivery coming from the divisions of Branded Consumer Foods Philippines; Agro-Industrial & Commodities; and the Unisnack Oceania and Nissin-URC joint ventures.”
URC said its financial position remains strong, with P18.7 billion of cash as of June 30.
“The current uncertainty driven by COVID-19 is still evolving but we are motivated by the fact that business results in the first half turned out better than our severe lockdown forecasts,” Irwin Lee, URC president and CEO, said.
“While we have business continuity plans quickly set in motion, we were bracing for the worst due to quarantine restrictions, supply chain disruptions and fast demand shifts. Fortunately, our focus on execution and the heroic efforts of URC people and partners helped us deliver essential food and drinks to customers, consumers, communities and frontliners,” Lee said.
“Managing through this crisis requires continued vigilance, agility and flexibility. While we may have weathered the first wave of this crisis, we must continue securing the here and now, while also preparing for the recovery efforts for the balance of the year and beyond,” he said.
By TED CORDERO, GMA News
Source: Peso Economics
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