Monde Nissin profit steady in 3 months

MANILA, Philippines — Monde Nissin Corp., the listed snacks food giant, reported a net income of P2.3 billion in the first quarter, nearly unchanged from last year as it benefited from lower interest expenses.

Core earnings reached P2.1 billion, down 13.5 percent compared to a year ago while reported net income ended almost unchanged at P2.3 billion.

Henry Soesanto, Monde Nissin CEO, said commodity inflation remains a concern even as the company had a good start this year.

“While we had a strong start to the year and remain optimistic about the continuation of the growth we are seeing, commodity inflation remains a concern for ourAsia-Pacific Branded Food and Beverage (APAC BFB) business and it is something that we will proactively respond to as the year progresses,” Soesanto said.

He said the company is working hard to continually improve its efficiency and is being mindful of its consumers when price increases become warranted.

“As for our meat alternative business, while the retail environment remains challenging, our market share continues to be stable. Our food service segment is also showing sustained momentum as it posted its best-ever quarter. We will leverage on these encouraging signs and work toward overcoming the short-term challenges,” Soesanto said.

Year-on year, core EBITDA declined by 9.9 percent to P3.6 billion due partly to the company’s continued strategic investments in brand and new product development during the quarter.