Indonesia’s Indofood Sukses Makmur, the world’s largest producer of instant noodles, has said that its second-quarter net profit fell 59.3% from a year earlier.

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Indofood posted a net profit of 106.8bn rupiahs (US$12.5m) for the quarter, compared to 262.4bn a year earlier, reported Reuters.

Revenue for the quarter was up slightly to 4.1trn rupiahs, from 4.0trn rupiahs a year earlier, while operating profit fell to 322.6bn rupiahs from 362.2bn in the year-ago period.

“Net income declined…mainly due to increased interest expenses and the lower foreign exchange gain (was) caused by the rupiah appreciation,” Indofood was quoted as saying by Reuters, referring to its first-half results.

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