MONDE Nissin Corp. said on Thursday its unaudited core net income at ownership went down by 12.9% to P4.25 billion in the first half from P4.88 billion year on year.

The strong profit growth comes despite its net sales inching up by just 1.2% to P33.76 billion from P33.36 billion.

The company pointed to its “balanced portfolio” and an improvement in its Asia-Pacific branded food and beverage business, or APAC BFB, international sales for the performance.

“Our business proved resilient in the first half of the year achieving modest topline growth,” Monde Nissin Chief Executive Officer Henry Soesanto said in a statement on Thursday.

“We undertook some price increases in June to partly recover rising commodity input costs and continue to implement supply chain cost savings,” he added.

The company’s core EBITDA (earnings before interest, taxes, depreciation, and amortization) went down by 14.5% to P7.2 billion as the company invested in new product development and more advertising and promotions for brand buildings.

The company’s APAC BFB sales went up by 1.7% to P26.24 billion in the first six months as international sales improved by 68.1% to generate P1.87 billion. Its sales in the Philippines declined by 1.3% to P24.37 billion.

“Despite the marginal decline in revenues in the Philippines, market share gains were achieved in core product categories,” Monde Nissin said.

Gross profit for the segment declined to P9.6 billion in the first half.

Meanwhile, its meat alternative business saw its net sales decline by 0.6% to P7.52 billion year on year, “reflecting softness across the UK and US retail market.” Gross profit went up by 6.8% in the six-month period to P3.1 billion.

“For Quorn Foods, I fully hope to see a much faster growth in the second half of the year,” Mr. Soesanto said.

The company said the easing of quarantine restrictions resulted to more out-of-home consumption.

“It’s too soon to talk of full year earnings guidance, but I believe mid-single digit revenue growth for the full year should be possible,” Mr. Soesanto said.

On Thursday, shares of Monde Nissin at the stock exchange declined by 2.82% or 48 centavos to close at P16.52 apiece. — Keren Concepcion G. Valmonte