INDONESIA: Indofood Q1 profit slides
- Net profit slides 11.5%
- Operating profit down 24.8%
- Net sales grow 8.7%
Indofood said the performance was affected by a weaker performance in its agribusiness
Indonesian noodle maker Indofood CBP Sukses Makmur has recorded a decline in first-quarter profit as earnings were hit by a weak performance in its agribusiness unit.
Earnings in the three months to the end of March slid 11.5% to RP722.4m (US$74.3m), while income from operations declined 24.8% to RP1.34trn. Operating margin dropped to 10.4% from 15% last year on lower gross profit and higher operating expenses.
CEO Anthoni Salim said the first quarter performance was "greatly affected by weaker performance of our agribusiness group mainly due to lower CPO [crude palm oil] and rubber prices, as well as higher costs".
Consolidated net sales grew 8.7% to RP12.86trn, primarily driven by volume growth in all divisions within the group.
- Consolidated net sales grew 8.7% to Rp12.86 trillion
- Income from operations declined 24.8% to Rp1.34 trillion
- Income for the period attributable to equity holders of the parent entity declined 11.4% to Rp722.4 billion
- Earnings per share (“EPS”) was Rp82
Original source: Indofood CBP
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