When explaining the lower income, Molinos highlighted the data from the specialized consulting firm Kantar, which marked a 11.5% drop in consumption of food compared to the previous year.
Meanwhile, for the company, the decrease in profits responded to “the continuity of strict financial discipline, an aggressive focus on efficiency programs, strict control of expenses, the reduction of the financial cost and the slowdown in the rate of devaluation of the local currency“.
However, Molinos said that it remains “the impossibility of recovering the important cost increases, measured at their replacement values, associated with the persistent rise in raw materials at the international level, as well as local costs, mainly supplies and freight. that continue to increase as a result of the sustained inflationary process “.
“Despite the difficulties of the context that become notorious in consumption levels, the Company trusts in the gradual recovery of the economy, and from there, to be able to achieve profitability according to the quality of its assets; for this reason it will continue to focus on in the consumer, their brands, productivity and efficiency, “the firm said in a statement.
It should be remembered that Molinos was one of the companies targeted by the high increase in the price of food during this year, which led the Ministry of Internal Trade to freeze the prices of 1,430 mass consumer products until January.