Manila:Publicly-listed Monde Nissin Corporation has reported a 16.1 percent year-on-year rise in its nine-month core net income, amounting to PHP8.3 billion. This increase was attributed to robust profit growth.

According to Philippines News Agency, the company's consolidated revenues for the period saw a 7.3 percent annual increase, reaching PHP67.9 billion. In the third quarter alone, Monde Nissin's net income surged by 16.2 percent to PHP2.9 billion, while consolidated revenues grew by 8.2 percent, totaling PHP23.6 billion.

During an online briefing, Jessi Teo, the company's chief finance officer, stated that this year's capital expenditure is PHP5.4 billion, primarily allocated for a new biscuit plant in Northern Luzon. The Asia Pacific Branded Food and Beverage segment reported a 6.5 percent rise in net sales, reaching PHP56.8 billion, with third-quarter sales climbing 7.7 percent to PHP19.8 billion, driven by increased biscuit and strategic product volumes.

In the Philippines, net sales grew by 6.7 percent to PHP53.5 billion by the end of September, and by 7.2 percent to PHP18.5 billion for the third quarter. Teo also addressed the impact of foreign exchange movements, noting that the company continues to hedge to mitigate risks. The estimated United States dollar short position has been revised to approximately USD250 million, where every peso depreciation translates to about PHP250 million earned. The company uses its US dollar stockpile to hedge, covering about half of its short position, and buys options when opportunities arise.