MANILA – Publicly-listed Monde Nissin Corporation (Monde Nissin) reported on Wednesday that its nine-month core net income rose 16.1 percent year-on-year to PHP8.3 billion, driven by strong profit growth.
Consolidated revenues during the period increased 7.3 percent annually to PHP67.9 billion.
For the third quarter this year alone, net income surged 16.2 percent to PHP2.9 billion, while consolidated revenues rose 8.2 percent to PHP23.6 billion.
In an online briefing, company chief finance officer Jessi Teo said capital expenditure for the year stands at PHP5.4 billion, earmarked primarily for its new biscuit plant in Northern Luzon.
Net sales from the company’s flagship Asia Pacific Branded Food and Beverage segment rose 6.5 percent to PHP56.8 billion. Third-quarter sales climbed 7.7 percent to PHP19.8 billion, driven by higher volumes in biscuits and strategic products.
For the Philippines’ operations alone, net sales increased 6.7 percent to PHP53.5 billion as of end-September, and by 7.2 percent to PHP18.5 billion for the July to September period.
Asked for the impact of foreign exchange movements, Teo said they continue to hedge to limit risks.
He said they have revised their estimate of United States dollar short position to about USD250 million.
“So, that means every peso depreciation is about PHP250 million pesos earned. We hedged that using our US dollar stockpile. So we tried to cover that with about 100 to half of our US dollar short position in US dollar. We also buy options when there are opportunities to do so,” he added. (Joann Santiago-Villanueva/PNA)
