Food manufacturer Universal Robina Corp. said over the weekend net income attributable to equity holders of the parent was nearly flat at P3.4 billion in the first quarter as rising input and financing costs offset higher revenues.
URC said in a financial report filed with the Philippine Stock Exchange first-quarter consolidated sales rose 11 percent to P39.8 billion, sustaining its growth momentum from 2022.
All businesses delivered strong growth despite the continued elevated inflation rates across the region.
Sales from branded consumer foods increased by 7.6 percent to P27.4 billion in the first three months on strong performance from domestic and international operations.
Branded consumer food business in the Philippines rose 6 percent to P18.1 billion in revenues, recording its highest-ever sales in March.
International sales jumped 13 percent to P9.8 billion with Vietnam, Malaysia and Myanmar posting double-digit growth in revenues.