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Indofood Q2 profit curbed by underperforming agribusiness
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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 goods company PT Indofood Sukses Makmur saw its net profit decline in the second quarter because of sluggishness in the agribusiness sector, although the company’s total sales increased.
The company’s net income decreased by 12.5 percent year-on-year (yoy) to Rp 1.96 trillion (US$135.97 million) from Rp 2.24 trillion in the same period last year, while its revenue grew only by 0.98 percent yoy to Rp 36 trillion.
"Despite the weaker performance of the agribusiness sector in the first half of 2018, we are pleased that our top line continued to be positive," Indofood president director Anthoni Salim said in a statement on Tuesday.
Indofood Group's agriculture company PT Salim Ivomas Pratama saw its net income decline by 81.83 percent yoy to Rp 57.1 billion from Rp 314.27 billion in the second quarter of 2017.
Meanwhile, the company’s sales decreased by 22.12 percent yoy to Rp 6.6 trillion from Rp 8.5 trillion in the same period last year because of decreased exports and lower commodity prices in the second quarter, Anthoni added.
Indofood was supported by the consumer branded products (CBP) business, with PT Indofood CBP Sukses Makmur seeing its net profit grow by 9.57 percent yoy to Rp 2.29 trillion.
Anthoni said sales were supported by Ramadhan and the Idul Fitri holiday, which fell in the second quarter.
He said that the two religious events provided a boost for fast moving consumer goods (FMCG) in the second quarter. (bbn)
