Instant noodle maker Indofood Sukses Makmur has reported a 97% drop in quarterly net profit, as the weaker rupiah led to foreign exchange losses.

Indofood posted a net profit of IDR3.2bn for the second quarter to the end of June, compared to IDR106.8bn a year earlier, reported Reuters. Results were hit by foreign exchange losses of IDR162.5bn.

Second-quarter revenue rose to IDR4.3trn from IDR4.1trn in the year-ago quarter.

“Despite tougher competition, the noodles division sold 4.83 billion packs in the first half against 4.78 billion in the same period in 2003,” the company was quoted by Reuters as saying.