Indonesian instant noodle maker Indofood Sukses Makmur has reported a 44% fall in first quarter net profit, amid increased competition.

The company posted net profit of IDR113.6bn (US$13.1m) for the first quarter to 31 March, compared to IDR202.1bn in the year-ago period. Net sales slid to IDR4.23trn from IDR4.30trn in the first quarter of 2003.

The company said revenue from noodles, flour and edible oil accounted for around 87% of total sales. Instant noodle sales volumes slid to 2.4 billion packages from 2.5 billion packages a year earlier.

Indofood said the lower net income was partly attributable to lower sales, and partly to foreign exchange losses, reported Dow Jones News.