Universal Robina Corporation reported a 109 percent rise in its unaudited 2021 net income to P24.3 billion from the same period last year mainly due to a one-time gain from the sale of its Oceania business.
The impact on operating margins was tempered by price increases and various cost savings initiatives. Sales of the branded consumer foods group ended flat at P83.5 billion as key food and beverage markets, while slowly recovering, were still below pre-pandemic levels and aggravated by various lockdowns imposed across the region.
The International division grew 5 percent, on a constant currency basis, to close 2021 at P22.2 billion as the strong growth momentum in the first half was partially tapered by the resurgence of COVID-19 in the region.Sales of the Agro-Industrial and Commodities division ended at P33.4 billion, up 13 percent from the same period last year, driven by the strong performance of the Sugar and Renewables group following the acquisition of Central Azucarera de La Carlota sugar mill and Roxol Bionergy.
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