MONDE Nissin Corp. saw its attributable net income fall to P606.23 million for the second quarter (Q2) from P1.55 billion a year ago, despite higher revenues.
The listed food and beverage manufacturer said its revenues rose to P19.82 billion for the April to June period, marking an increase of 3.6% from last year鈥檚 P19.14 billion.
Broken down, the company recorded a revenue increase for its Asia-Pacific branded food and beverage (APAC BFB) business, which increased by 5.6% to P16.46 billion from P15.58 billion.
For its meat alternative segment, Monde Nissin reported that its revenues declined by 5.6% to P3.37 billion from last year鈥檚 P3.57 billion.
Reported net income for the second quarter declined by 60.7% to P610 million, which the company attributed to the loss of P1.5 billion in guaranty asset gain in its meat alternative business.
鈥淒uring the second quarter, APAC BFB saw modest top-line growth and continued expansion of gross margin and core net income on a year-on-year basis,鈥 Henry Soesanto, chief executive officer and executive vice-president of Monde Nissin, told the stock exchange.
Mr. Soesanto said the company is hoping to sustain the growth of its APAC BFB segment in the third quarter.
鈥淥ur APAC BFB gross margins have substantially rebounded from last year鈥檚 levels, and while we believe further sequential gains will be limited, we expect to see continued improvement in Q3 on a year-on-year basis,鈥 he said.
Further, the company鈥檚 attributable net income for the first half climbed by 17.2% to P4.09 billion from P3.49 billion, as shown in the company鈥檚 financial statement.
For the first half, Monde Nissin registered a combined revenue of P40.14 billion, up by 2.4% from last year鈥檚 P39.19 billion.
At the local bourse on Wednesday, shares in the company gained 19 centavos or 2.07% to end at P9.35 apiece. 鈥 Ashley Erika O. Jose
