INDONESIA: Indofood posts 116% profit surge
Noodle maker Indofood Sukses Makmurc has posted a 116% increase in first quarter net profit as a result of "strong growth in income and sales."
The Indonesian food giant saw a net profit of RP382.93bn (US$42.5m) in the period ended 31 March, up from RP177.31bn in the same period last year.
Net sales were up 51.7% to RP8.85tr from RP5.83tr on a like-for-like basis.
CEO Anthoni Salim said the company has "performed well" amid the business slump which has hit many other companies.
"We are pleased that Indofood was able to overcome the challenges in the first quarter of 2008 by maintaining its market leadership and delivered a marked improvement in its results," he said.
Operating profit rose 164.7% to RP1.25tr, and operating margin increased to 14.2%.
The company said it is "essential" it secures key raw materials and continues to "improve on its cost efficiency".
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