Monde Nissin Corp. has recently disclosed that its core net income fell by more than 11% to Pesos 1.87 billion (US$33.6 million) due to the weak performance of its alternative meat business. Revenue from the meat alternative business, in particular its Quorn brand, declined by 4%.
On the other hand, its group revenue rose 9% due to the strong growth of domestic noodles sales.
Monde Nissin CEO Henry Soesanto said, “The meat alternative category continues to face strong headwinds. Last quarter, we discussed the steps that we were taking to right-size our US business to better reflect current market realities. We are now similarly addressing our UK business, restructuring it to better weather the current category conditions while remaining agile and ready to benefit when the market for meat alternatives eventually recovers.”