Indonesian food group PT Indofood Sukses Makmur has seen nine-month earnings soar on the back of its recently-acquired plantation business and price hikes.
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Indofood, the world’s largest make of instant noodles, saw operating profit more than double in the first nine months of the year to INR3.65trn (US$334.5m).
Net profit climbed from INR683.3bn to INR1.14trn as sales rose 52% to INR19.67trn.
Indofood said price increases across its food brands, which include noodles, seasonings, and snacks, helped drive the performance. Revenue from its consumer food business rose 29.9%.
The consolidation of the Lonsum business, which Indofood bought last year, also boosted the company’s results.
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By GlobalDataCEO Anthoni Salim said a drop off in commodity prices could help the company ride out the global economic crisis.
He said: “Lower commodity prices should benefit our consumer branded products group, although domestic economic condition is still uncertain in light of the global financial meltdown.”
