Food manufacturer Monde Nissin Corp. reported a 6 percent increase in net income for the first quarter, reaching P3.25 billion from P2.92 billion a year earlier.
The company said higher sales and the weaker Philippine peso against the US dollar helped boost earnings. Net sales rose 9 percent to P22.77 billion, driven mainly by its Asia-Pacific branded food and beverage business, which makes up most of its revenue.
Sales from this segment grew 8 percent to P19.09 billion. All product categories posted growth, led by noodles, which accounted for 41 percent of total sales, followed by biscuits at 36 percent.
Revenue from its meat alternative business increased 11 percent to P3.63 billion on a reported basis, partly due to currency effects. On a constant currency basis, growth was 1 percent.
Chief executive officer Henry Soesanto said the company saw strong sales growth across all categories and improving margins despite inflation. He added that the meat alternative segment showed progress, with improved margins and positive earnings before interest and taxes.
Despite the solid start, the company said it remains cautious due to inflation and economic uncertainties.
For the full year, Monde Nissin plans to increase capital spending to P6.48 billion, with most allocated to its Asia-Pacific business and the rest to its meat alternative segment.
