MONDE NISSIN Corp. reported a 21.55% decline in its first-quarter (Q1) attributable net income to P2.73 billion, as higher expenses offset revenue growth.
Consolidated revenues inched up by 2.81% to P20.88 billion from P20.31 billion a year ago, driven by gains in its Asia-Pacific branded food and beverage (APAC BFB) segment.
Revenues from APAC BFB rose by 4.15% to P17.58 billion from P16.88 billion, lifted by volume growth in biscuits, culinary products, and packaged cakes.
Meanwhile, the meat alternative business posted a 3.79% decline in revenues to P3.3 billion from P3.43 billion, reflecting weaker sales.
Gross expenses increased by 3.68% to P17.17 billion from P16.56 billion, offsetting the company’s revenue gains.
Monde Nissin said its APAC BFB business supported overall top-line growth, while its meat alternative segment focused on cost reductions and efficiency improvements to achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA).
At the Philippine Stock Exchange, Monde Nissin shares fell by 77 centavos or 9.75% to close at P7.13 each on Wednesday. – Ashley Erika O. Jose
