Monde Nissin Q1 2022 core net income down 13.5% to P2.1B

Food manufacturer Monde Nissin Corp. saw its core earnings fall in the first quarter of 2022 on the back of continued rising commodity prices.

In a disclosure to the Philippine Stock Exchange, Monde Nissin reported a core net income of P13.5 billion, down 13.5% year-on-year.

The company attributed the lower bottom line to “continuing commodity price increases.”

Monde Nissin’s consolidated revenue grew 7.2% to P18.3 billion during the period on strong performance of its Asia-Pacific branded food and beverage business.

“We are working hard to continually improve our efficiency and being mindful of our consumers when price increases become warranted, striving to maintain our growth momentum and recovering margin where possible,” said Henry Soesanto, Monde Nissin CEO.

Nonetheless, Monde Nission said its financial position remains strong with P13.5 billion in cash and cash equivalents and an improved net debt-to-equity ratio of 0.23.—LDF, GMA News