LISTED Monde Nissin Corp. reported a lower core attributable income of P2.1 billion in the first three months of the year, down 13.5 percent year on year.

The company’s reported net income, on the other hand, was flat P2.3 billion amid lower interest expense mainly to the repayment of the Arran convertible note and bank loans in 2021.

In a virtual briefing on Wednesday, Monde Nissin Chief Financial Officer Jesse Teo said the better performance of its Asia-Pacific Branded Food and Beverage (APAC BFB) boosted its revenue by 7.2 percent to P18.3 billion in January to March.

The net sales of the company’s APAC BFB unit increased by 8.6 percent to P14.5 billion amid the 10.5-percent improvement of its domestic business.

The growth was attributed to the price increases and continued volume growth for the noodles, culinary and packaged cake categories.

Monde Nissin’s international business, on the other hand, lost 15.4 percent to P854 million due to shipping constraints during the period.

Meanwhile, the company’s meat alternative business saw a 1.3-percent lower revenue on an organic basis as the UK grocery market remains weak and amid continued challenging macroeconomic conditions.

On a reported basis, the segment’s revenue inched up by 2.1 percent to P3.8 billion due to foreign exchange gains.

“While we remain optimistic about the growth, we are also mindful of the inflationary and supply chain challenges. These challenges are driven by events outside of our control. As a company, we will continue to work thoughtfully and diligently to mitigate the impacts,” Monde Nissin Chief Executive Officer Henry Soesanto said.

“We will focus on our consumers and we’ll continue building the foundation for long-term sustainable growth,” Soesanto continued.

Monde Nissin shares rose 4 centavos, or .30 percent, to close at P13.38 each on Thursday.