Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Monde Nissin net income rises 8.7% as sales climb

by
August 10, 2022
in Investing News
0
Monde Nissin net income rises 8.7% as sales climb
0
SHARES
16
VIEWS
Share on FacebookShare on Twitter

MONDE NISSIN Corp. posted a P1.96-billion attributable net income in the second quarter, 8.7% higher than last year, after booking higher sales at a time when operational costs went up.

“We have sought to address global inflationary pressures by continuing to improve our efficiency and reduce our operational costs,” Monde Nissin Chief Executive Officer and Executive Vice-President Henry Soesanto said in a press release on Wednesday.

The company recorded P18.87 billion in net sales in the April-June period, higher by 13.1% than the previous year.

International revenues also grew, by 7.4% to P924 million during the quarter, which the company attributed to favorable foreign exchange rates.

For the first half, net income at ownership declined by 4.1% year on year to P4.08 billion, which the company attributed to slower growth in the first quarter.

“The growth is broad-based, all of our categories grew double digits in value terms,” Monde Nissin’s Chief Financial Officer Jesse C. Teo said during the company’s virtual media briefing on Wednesday.

Its first-half sales grew by 10.1% to P37.17 billion driven by volume increases in the Asia-Pacific branded food and beverage (APAC BFB) domestic business.

APAC BFB revenues grew by 18.1% year on year, driven by an 18.9% growth in the domestic business.

“Biscuits continues to recover with volume growth over pre-pandemic levels,” the company said.

However, Monde Nissin’s meat alternatives declined by 1.8% in the first half of the year.

For the second half, Mr. Teo expects a “dampening effect” after the company last month faced issues with its instant noodle products in the European Union (EU).

“Domestically, because of the noise that was caused by the incident, July had a soft month for instant noodles and it declined by 15% versus a year ago,” he said.

The company’s domestic noodle sales declined by 15% in July from the previous year, making overall domestic sales for the month flat.

Mr. Soesanto said: “While we had a disruption in July with EU ethylene oxide news, we will continue to work to recover the lost momentum.”

“Additionally, we are cautiously optimistic that the recent pullback in commodity prices will benefit our margin in the long term,” he added.

On Wednesday, shares of Monde Nissin inched up by 0.50% or P0.08 to P16.16 apiece. — Justine Irish D. Tabile

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
PHL likely to hit growth goals — Moody’s Analytics

PHL likely to hit growth goals — Moody’s Analytics

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Exponential growth on imports from South Africa to the United Kingdom

Exponential growth on imports from South Africa to the United Kingdom

August 12, 2022
UK exports are hampered by cargo costs

UK exports are hampered by cargo costs

July 11, 2022
Platinum Jubilee to serve up a £2bn hospitality boost

Platinum Jubilee to serve up a £2bn hospitality boost

June 2, 2022
Zion Williamson making it clear he wants to play for Pelicans

Zion Williamson making it clear he wants to play for Pelicans

June 12, 2022
Philippine tourism’s share to economy inches up in 2021

Philippine tourism’s share to economy inches up in 2021

June 16, 2022
Port passenger volume up 144% in first half; cargo down

Port passenger volume up 144% in first half; cargo down

August 17, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.