MANILA, Philippines — Core earnings of snack food giant Monde Nissin Corp. grew by more than half in the first quarter due to a record performance of its Asia-Pacific branded food and beverage (APAC BFB) business.
Monde Nissin reported a 53.4-percent jump in core net income attributable to shareholders for the quarter at P2.9 billion.
Reported net income for the period soared by 79.9 percent to P3.5 billion as a result of the fair value gain on guaranty asset, foreign exchange gain and interest income.
The company’s consolidated revenue for the first quarter improved by 2.1 percent to P20.3 billion, which was impacted by fewer selling days in APAC BFB due to the timing of the Holy Week holiday in the Philippines.
“The first quarter saw significant expansion in gross margin and overall profitability driven by our APAC BFB business. This was despite topline growth being moderated during the quarter, partially due to the timing of the Holy Week holiday here in the Philippines,” Monde Nissin CEO Henry Soesanto said.
“Our APAC BFB 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,” he said.