Monde Nissin books P2.9-b core net income

Noodle and biscuit maker Monde Nissin Corp. reported a core net income of P2.9 billion in the third quarter, up 8.7 percent from the same period last year on higher sales and lower tax and interest rates.

Monde Nissin said in a disclosure to the stock exchange consolidated revenues grew 4.1 percent in the third quarter to P17.68 billion.

“We are happy to report record quarterly revenues, led by a rebound in domestic sales. It was also good to see some recovery in margins compared with the second quarter,” Monde Nissin chief executive Henry Soesanto said.

The high commodity margins, logistics problems and higher operation expenses from continued investments in strategic projects affected margins. Sales from branded food and beverage business increased 4.2 percent to P14.1 billion, driven by the domestic business which grew 4.4 percent to P13.2 billion.