Net sales slightly declined to P133.1 billion as trading conditions and consumer sentiment were affected. Slower sales were seen in several snack food and beverage categories.
Despite the tough business environment, URC gained significant market share and performed ahead of competition.
Revenues from international operations fell five percent to P41.2 billion.
Sales from the agro-industrial and commodities business went up by seven percent to P29.6 billion.
The commodities foods group posted strong growth of 21 percent with sugar and renewables improving by 33 percent.
Operating income went up by 7 percent to P16 billion, driven by better cost management and favorable input prices, which offset brand building investments as well as COVID-19 related expenses.
