Saturday, 16 January 2010

Universal Robina’s profit soars to P4.1b

Jenniffer B. Austria
Manila Standard
http://www.manilastandardtoday.com/insideBusiness.htm?f=2010/january/15/business3.isx&d=2010/january/15

Universal Robina Corp., the biggest maker of snack foods in the country, booked a net profit of P4.1 billion in 2009, up 11 times than P341 million in 2008, on higher sales, lower foreign exchange losses and gain from financial assets.

URC, a unit of JG Summit Holdings Inc. of taipan John Gokongwei, said in a filing with the Securities and Exchange Commission that consolidated sales for the year ending in September rose 11 percent to P50.4 billion from P45.4 billion a year ago. Sales of the branded consumer foods segment jumped 14.5 percent to P38.1 billion to boost revenues.

URC attributed the higher revenues of branded consumer food segment to increased net sales in domestic operations. Sales of the snack food division climbed 12.4 percent on year. Beverage sales value went up by 2.4 percent while those of grocery products improved 8.9 percent to P2.9 billion.

International sales surged 24.4 percent to P11.5 billion from P9.26 billion a year ago, lifted by higher revenues from Singapore, Hong Kong and Vietnam.

Sales of agro-industrial rose 4.9 percent to P5.8 billion while revenues commodity foods segment increased 6.3 percent to P5.4 billion.

Meanwhile, Robinsons Land Corp., the property unit of JG Summit, posted a net income of P3.27 billion in the year ending September.

“Robinsons Land’s various business units managed to outperform because of our deep understanding of the market, commitment to operational efficiencies and a healthy balance sheet,” Frederick Go, Robinsons Land president and chief operating officer, in a statement said.

The commercial centers division accounted for P4.21 billion of real estate revenues for the year against P3.69 billion in 2008.

Robinsons Land attributed the 14-percent increase in revenues to newly-opened malls—Robinsons Place Tacloban, Robinsons Cabanatuan, Robinsons Pulilan and Robinsons Place Davao.

It noted rental growths from Robinsons Place Manila, Robinsons Place Iloilo, Robinsons Sta. Rosa Market and Robinsons Otis.

Robinsons Land opened four new malls from October to December last year—Robinsons Place General Santos, Robinsons Place Dumaguete, Robinsons Ilocos Norte and Robinsons Cybergate Cebu—to end the year with 29 outlets nationwide.

The company’s office buildings division reported gross revenues of P1.1 billion, up 26-percent growth, while the hotels united posted revenues of P1.04 billion, slightly lower from P1.14 billion in 2008.

Revenues of the residential division stood at P4.37 billion while net income before tax hit P1.36 billion in 2009.

The property company earlier lined up three residential condominium projects this year, namely the second tower of the iconic Sonata Private Residences at the Ortigas Business Center, the first tower of The Magnolia Residences in New Manila, Quezon City and Signa Designer Residences in Makati with Security Land Corp.

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