Monde Nissin Corp. is reallocating a portion of its capital and operating expenditures previously budgeted for its meat alternative business to branded and beverage unit.
Monde Nissin said in a stock exchange filing Wednesday the P2.14-billion operating expenditures for meat alternative business as of end December 2022 would be re-allocated as capital expenditures of Asia Pacific branded food and beverage business in 2023.
Monde Nissin also reallocated P1.1 billion in initial public offering proceeds initially budgeted for capital expenditures for meat alternative business to APAC-BFB, which manufactures a portfolio of brands across instant noodles, biscuits and baked goods.
The company earlier said it was implementing a number of restructuring and efficiency measures to improve the operation of the meat alternative business as market conditions remained challenging.
Monde Nissin said revenues from meat alternative business inched up by 1 percent in the first nine months of 2022 primarily due to price increases, strong volume growth in food service and share recovery in the United Kingdom retail business. Jenniffer B. Austria