Food manufacturer Monde Nissin Corp. saw its earnings decline in the first nine months of 2021 amid higher commodity prices and increased spending.
In a disclosure to the Philippine Stock Exchange on Thursday, Monde Nissin reported a core net income of P7.1 billion in the January to September period, down 5.3% year-on-year.
In the third quarter alone, the company’s bottom line increased 8.7% to P2.9 billion, helped by a lower tax rate.
Its earnings before interest, taxes, depreciation and amortization (EBITDA) declined 9.2% to P4.1 billion, “primarily driven by higher commodity prices together with increased advertising and promotion spent for brand building,” the company said.
Nonetheless, Monde Nissin’s consolidated revenues rose 4.1% to P17.7 billion in the third quarter, bringing the first nine months’ figure to P51.448 billion, up 2.2% year-on-year.
“With costs increasing globally for power, transportation, commodities, and labor, we are continuing to navigate a balance between fair treatment to our consumers and maintaining our margins. Considering these developments, we are adjusting our full year revenue growth guidance to low to mid-single digit and anticipate continuing margin pressures,” said Monde Nissin CEO Henry Soesanto.
Monde Nissin is a global food and beverages company headquartered in the Philippines, with a portfolio of iconic and market leading brands across fast-growing categories, including Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde baked goods and Quorn meat alternative products. — VBL, GMA News
Monde Nissin 9-month core net income down 5.3%
Source: News Panda Philippines
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