Monde Nissin Corp. said its core income rose 53 percent in the first quarter to P2.88 billion from last year’s P1.87 billion due to record profits at its branded food group.
Revenue was up only 2 percent to P20.31 billion from previous of P19.9 billion ascribed to fewer selling days and the long Lenten holidays during the period.
“The first quarter saw significant expansion in gross margin and overall profitability driven by our (branded) business,” Henry Soesanto, company CEO, said.
“Our (branded) margins and profitability have substantially rebounded from last year’s levels, and we believe, given current conditions, that the second quarter will continue to reflect these improvements. For our Meat Alternative business, we remain vigilant, minimizing costs and looking for efficiencies with the goal of remaining EBITDA flat or better for the year,” he said.
Core income from its branded food units rose 41 percent to P3.09 billion due to guaranty assets and foreign exchange gains and interest income.
Net sales during quarter increased 2 percent to P16.88 billion from P16.52 billion. Its domestic business grew two percent year-on-year to P15.8 billion, the company said.
Meat alternative income narrowed to P216 million from P320 last year.
Revenue declined four percent to P3.4 billion from a previous P3.52 billion.
