Gokongwei food, property units post profit jumps
By Elizabeth Sanchez-Lacson
Philippine Daily Inquirer August 10, 2007
Manila, Philippines -- The Gokongwei group’s
food firm Universal Robina Corp. and property subsidiary Robinsons Land
Corp. reported big jumps in profits in the period from October 2006 to June
2007 -- the first three quarters of their financial year.
Universal Robina said its net income jumped 200 percent to P4.70 billion
from P1.56 billion, with nonrecurring items including a P2.859-billion gain
from the sale of shares in Robinsons Land shares and P435 million in
impairment loss provisions for machines and equipment.
On a recurring basis, net income amounted to P2.118 billion, up 35 percent
year-on-year.
Consolidated net sales and services in the three quarters amounted to
P27.481 billion, up 5.5 percent year-on-year from P26.043 billion.
The Universal Robina branded consumer food group’s domestic operations
reported a 14-percent sales increase to P14.765 billion with increased
volume.
Beverages, accounting for 25.7 percent of domestic sales, recorded a
53.8-percent growth in sales value on the back of a 71.5-percent rise in
volume.
Sales of snack foods rose by 4.9 percent to P8.706 billion, boosted by
domestic consumption recovery and election spending, the company said.
Robinsons Land reported a three-quarter net income of P1.823 billion, up 48
percent year-on-year from P1.233 billion.
It said gross revenue reached P5.962 billion, up 24 percent.
The company said its commercial centers division contributed 41 percent of
the gross revenue, with strong rental income from almost all malls.
It said its high-rise buildings division posted a 60-percent growth in
revenue to P 2.3 billion from P1.441 billion.