Philippines’ Universal Robina net income flattens in Q1 

This is due to higher financing costs and non-cash impairments in its farm business. 

Philippine-based Universal Robina Corporation’s (URC) net income flattens at P3.6b in the first quarter of the year, the company reported. 

This was linked to the higher financing costs and non-cash impairment on the farm business. Meanwhile, its core net income went up by 11% year-on-year. 

Read more: Philippines’ F&B firm Universal Robina posts 12% net income growth

Over the same period, sales were up by 11%YoY to P39.8b, sustaining its growth moment from 2022. 

Moreover, URC’s financial position remains strong, with a healthy cash balance of P14b, net debt of P5.7b, and a low gearing ratio of 0.18.