Monde Nissin records P13-B net loss

FOOD and beverage firm Monde Nissin Corp. registered an unaudited net loss of P13 billion last year, a result it attributed to the impairment of the intangible assets of subsidiary Marlow Foods, which owns the Quorn and Cauldron brands.

Monde Nissin pointed to the application of a higher discount rate, higher interest rates, risk premiums, margin compression and a restructuring in the meat alternative category, but added that the development would not affect day-to-day operations of Quorn, Cauldron or any of its Asia-Pacific (APAC) branded food and beverage businesses.