Profits at Indonesian food group Indofood Sukses Makmur fell almost a quarter in the first nine months of the year as higher costs offset better sales.
Indofood saw net profit decline 24.6% to IDR1.92bn in part due to the impact of foreign exchange.
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However, Indofood said its income from operations was down 11.2% at IDR4.77bn amid increased input costs, higher raw material prices and a step-up in spending on advertising and promotion.
Sales improved 10.5% to IDR37.36trn thanks to improved revenues across the business. Indofood’s largest division, consumer foods, saw sales increase 13.8%.
Last month, Indofood acquired a 63.6% stake in vegetable supplier China Minzhong Food Corp. The company said its results included one month of sales from Minzhong.
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