Indofood has reported higher first-quarter sales and profits despite what the Indonesia-based food group had been “weaker market demand” during the first three months of the year.
The company booked net income of IDR1.2trn (US$90.1m), up 11% on the first quarter of 2016. Indofood’s income from operations stood at IDR2.59trn, a jump of 37.7% on the corresponding period a year ago.
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Indofood said its “core” profit – a metric it described as reflecting its “underlying performance” – was up 17.1% at IDR1.19bn.
The group’s consolidated net sales grew 8% to IDR17.83trn.
Anthoni Salim, Indofood’s president director and CEO, said the company had “accelerated our sales and core profit growth” during the quarter.
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“Amidst increasing competition and weaker market demand, [the] consumer branded products group’s performance outpaced the category in key food and beverage categories,” Salim said.
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By GlobalDataThe division accounts for half Indofood’s business and takes in products including noodles, dairy products and seasonings.
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