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Sales of Indofood consumer products slow in third quarter
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A range of condiments produced by PT Indofood CBP Sukses Makmur (ICBP). (tempo.co/Subekti)
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alim Group consumer product firm PT Indofood CBP Sukses Makmur (ICBP) recorded sluggish growth in the third quarter of 2017 as demand slowed.
Consolidated net sales grew by 3.63 percent year-on-year (yoy) to Rp27.43 trillion (US$2.02 billion). It was lower than the 9.83 percent yoy growth in the same period last year.
Noodle products contributed to 63 percent of the company's revenue but only grew by 2.01 percent yoy. Dairy products, the second biggest contributor, only grew by 3.63 percent yoy.
Read also: Indofood revenue grows in Q3 2017"Market conditions have not improved significantly in the third quarter. Demand for fast moving consumer goods is still very modest while competition is increasingly challenging," ICBP president director Anthoni Salim said in a statement on Tuesday.
He added the company would continue to expand and deepen distribution channels while prudently managing its cost.
ICBP's core earnings in the third quarter increased by 4.11 percent yoy to Rp3.04 trillion because of cost efficiency measures. The net margin also improved to 11.1 percent compared to 10.7 percent in the same period last year. (bbn)
