Monde Nissin 9-month core net income down 20.9% to P5.6B

Food manufacturer Monde Nissin Corp. saw its earnings decline in the first nine months of 2022.

In a disclosure to the Philippine Stock Exchange on Wednesday, Monde Nissin reported a core net income of P5.6 billion, down 20.9% year-on-year.

The company attributed the decline to increased logistical costs, investments in organizational resources, and advertising and promotional investments.

Monde Nissin's consolidated revenue during the period, meanwhile, grew 6.7% to P54.9 billion.

“We are implementing a number of restructuring and efficiency measures. Our overall objectives are to continue with new product development and supply chain efficiencies to ensure we are well-positioned to benefit from growth in the category once it resumes,” said Monde Nissin CEO Henry Soesanto. — VBL, GMA Integrated News