GOKONGWEI-LED Universal Robina (URC) said Friday it posted a fairly steady net income of P6.998 billion in the first half (H1) of 2024, marginally lower than the year-earlier 7.011 billion, as it recognized a P580-million net loss from the discontinued operations of URC China.

"Against a challenged macroeconomic landscape, URC delivered volume-led growth and strong profits," URC President and Chief Executive Officer Irwin Lee said.

URC said net income from continuing operations stood at P7.58 billion, 7.9 percent higher than the year-earlier P7.03 billion.

It noted that the manufacturing and selling of cereals and snacks in China had ceased and that it expected the China unit to be fully closed by 2025.

"This will allow URC to redeploy resources to higher-growth markets across the region," the company told the stock exchange.

Consolidated sales from January to June inched up by 3 percent to P80.7 billion from P78.3 billion a year earlier.

By segment, the branded consumer foods group (BCF) recorded sales of P55.3 billion, up 1.4 percent from P54.5 billion.

Meanwhile, the agro-industrial and commodity foods group reported sales of P25.5 billion, up 7.1 percent from P23.8 billion last year.

URC also announced that it would be distributing its second dividend for the year of P1.90 per share, payable on September 25 to all shareholders on record as of August 30.

URC shares fell by P2 to P115 apiece on Friday.