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Monde Nissin reports weaker earnings

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Food manufacturer Monde Nissin Corporation reported a 17.9 percent drop in net income to P3.5 billion for the first half of 2023 as the restructuring costs in its meat alternative business weighed on its profitability.

In a disclosure to the Philippine Stock Exchange, the firm said attributable core net income for the first half declined by 14.1 percent to P3.5 billion from P4.08 billion.

Consolidated revenue for the first half grew 7.0 percent to P39.2 billion as second quarter growth tapered to 3.2 percent. International revenue increased by 20.8 percent to P2.1 billion for the first half due to the robust growth in biscuits. On a reported basis, revenue for the first half declined by 5.0 percent to P7.1 billion. UK declined by 5.5 percent on a constant currency basis in the first half due to the challenging retail market.

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