By James A. Loyola Universal Robina Corporation (URC) reported a 32 percent drop in net income for the first quarter of the year to ₱2.1 billion mainly due to non-operating foreign exchange losses on balance sheet items. In a disclosure to the Philippine Stock Exchange, the firm said it was able to maintain 2020 first quarter sales and operating income at par with last year. “A strong start in January and February helped cushion against the operational disruptions caused by the sudden Enhanced Community Quarantine (ECQ) implemented in the Philippines in mid-March, on top of the continuing COVID-19 impact in other countries where URC operates,” it noted. For the first quarter of 2020, net sales came in at ₱33.5 billion and operating income (including hogs market valuation) came in at ₱4.0 billion, both up slightly by 0.4 percent versus same period last year. Operating margin was maintained at 11.9 percent. URC President Irwin Lee said, “We started 2020 well, continuing our strong results in 2019 with good sales and profit growth in many of our divisions and geographies.” “However, as we closed the first quarter in March, our growth momentum was impacted by COVID-19 related disruptions. We have made immediate steps to adjust to this crisis – protecting our employees’ safety and health, maintaining essential food and drinks supply to the public, and providing additional resources to communities and societies in need,” he added. Lee said: “We are also now evolving our operating model to adapt to the ‘new’ normal. We are fortunate to be in the food industry and in a better situation than other companies amidst this crisis. With a strong balance sheet and healthy cash position, we can weather these short-term challenges and emerge even stronger.” Sales of domestic and international branded consumer foods contributed ₱25.7 billion.