Indofood posts 48% incrase in net profit from higher sales

The Jakarta Post , Jakarta | Mon, 03/31/2008 12:12 PM | Business

Publicly listed PT Indofood Sukses Makmur (Indofood), the world's largest instant noodle maker, recorded a 48 percent surge in net profit on the back of higher product sales recently.

In its press statement Sunday, the company reported this year's net profit had soared to some Rp 980.36 billion (US$106.5 million) from Rp 661.21 billion in 2006.

Consolidated sales rose by 27 percent to Rp 27.86 trillion, from Rp 21.94 trillion, the Jakarta-based company said.

"2007 has been a year of significant achievements," Indofood president director Anthony Salim said in a statement.

The company also believed unprecedented price rises of key raw material and fuel, in the face of weak purchasing power, had weakened the company's performance.

The sales increase was due mostly to the company's growing strategic businesses.

Indofood operating profits increased by 46.8 percent to Rp 2.89 trillion.

The company's total asset value increased to Rp 29.52 million last year, from Rp 15.25 million in 2006.

The company also reported its acquisition of publicly listed plantation firm PT Perkebunan London Sumatra Indonesia (Lonsum) had enabled it become self sufficient for crude palm oil (CPO) supply, and to expand its business into other commodities. (rff)

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