Indonesian noodle maker Indofood CBP Sukses Makmur has recorded a decline in first-quarter profit as earnings were hit by a weak performance in its agribusiness unit.

Earnings in the three months to the end of March slid 11.5% to RP722.4m (US$74.3m), while income from operations declined 24.8% to RP1.34trn. Operating margin dropped to 10.4% from 15% last year on lower gross profit and higher operating expenses.

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CEO Anthoni Salim said the first quarter performance was “greatly affected by weaker performance of our agribusiness group mainly due to lower CPO [crude palm oil] and rubber prices, as well as higher costs”.

Consolidated net sales grew 8.7% to RP12.86trn, primarily driven by volume growth in all divisions within the group.

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