INDONESIA: Indofood's nine-month profit falls 30%
Indonesia's Indofood, the world's largest instant noodle maker, has reported a 30% fall in net profit for the first nine months of 2003, compared to the year-ago period.
Indofood, which is 48% owned by Hong Kong-listed First Pacific Co, reported net profit of 453.5bn rupiah (US$53.4m) for the nine-month period to 30 September, compared to 651.9bn a year earlier.
Nine-month revenue, however, rose 10% to 12.98trn rupiah, while operating profit increased to 1.39trn rupiah from 1.33trn a year earlier.
The company said the lower net profit was due to increased interest expenses and lower foreign exchange gains, reported Reuters.
Besides making instant noodles, Indofood also owns the world's largest flour miller, Bogasari Flour Mills, and has interests in cooking oil, plantations, food seasoning, snacks and baby food.
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