Food manufacturer Universal Robina Corp. said Friday it is exiting the China market where it operates cereals and snacks businesses.
Net income from continuing operations grew 8 percent year-on-year to P7.6 billion on higher operating income, while core net income grew 5 percent to P 6.7 billion, with higher tax provisions offsetting operating income growth.Operating income growth outpaced topline, increasing by 10 percent versus the same period last year to end the first half at P9.4 billion.
Sales from branded consumer foods, excluding packaging and China, ended at P54.7 billion in the first half, up by 2 percent year-on-year.