What’s the best cure for a post-Covid hangover?
The answer is “plunging material costs,” at least if you’re Nissin Foods Co. Ltd. (1475.HK), one of China’s top instant noodle makers. The company’s latest results show its revenue took a hit during the quarter as life returned to more-normal conditions in Hong Kong and the Chinese mainland, its two primary markets.
Covid historians will recall that the first quarter of 2022 was a nadir for both Hong Kong and China, as both got their biggest taste of the highly contagious Omicron variant that left many people confined to their homes for extended periods. That translated to a boom for companies like Nissin, since people often fell back on this kind of easy-to-make comfort food during the difficult period.