Monde Nissin Corp. ,said profit for the first nine months of the year hit P5.8 billion, up 3.02 percent from the P5.63 billion for the same period last year.
Sales hit P59.64 billion, up 8.73 percent 54.85 billion.
“The APAC BFB business saw strong topline growth both year over year and sequentially during the third quarter. This growth was aided by record volume in noodles. In addition to strong revenue growth, our gross margins continue to improve, and we expect further improvement in this current quarter,” said Henry Soesanto, Monde Nissin chief executive officer.
The APAC BFB Business consists of three product groups — instant noodles, biscuits and other products such as beverages, baked goods, and culinary aids.
Soesanto said the company continue to evaluate the situation in its alternative meat business amid challenges.
“The previously implemented restructuring of our Meat Alternative business has enabled us to maintain EBITDA breakeven for the second consecutive quarter. Looking ahead, while it is hard to predict volumes in the near-term, I am hopeful that generally lowering commodity prices will provide some respite from the cost inflation we have not yet passed on,” he said.
For the third quarter alone, revenue by the meat alternative business declined by 4.2 percent. The segment’s United Kingdom business dropped 9.5 percent to the challenging retail market.
Soesanto however said that he is encouraged that the business is gaining market share while major UK retailers remain committed to the category.