{
    "success": true,
    "data": {
        "id": 1169588,
        "msgid": "indofoods-net-profit-nosedives-88-percent-1447893297",
        "date": "2005-08-27 00:00:00",
        "title": "Indofood's net profit nosedives 88 percent",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Indofood's net profit nosedives 88 percent The Jakarta Post, Jakarta The world's largest instant noodle maker PT Indofood Sukses Makmur's net profit in the first semester nosedived by 88 percent to Rp 14.5 billion (US$1.4 million) from Rp 120.8 billion in the corresponding period last year.",
        "content": "<p>Indofood's net profit nosedives 88 percent<\/p>\n<p>The Jakarta Post, Jakarta<\/p>\n<p>The world's largest instant noodle maker PT Indofood Sukses<br>\nMakmur's net profit in the first semester nosedived by 88 percent<br>\nto Rp 14.5 billion (US$1.4 million) from Rp 120.8 billion in the<br>\ncorresponding period last year.<\/p>\n<p>The company attributed the profit drop to one-time charges and<br>\nloans amounting to Rp 186.3 billion, it said in a statement on<br>\nFriday, including losses arising from the sale of foreign<br>\nexchange hedging contracts.<\/p>\n<p>\"Without those payments, our corporate net profit could have<br>\nreached Rp 200.7 billion,\" Indofood CEO Anthoni Salim said in the<br>\nstatement.<\/p>\n<p>Indofood subsidiary, PT Bogasari Sentra Flour Mills,<br>\ncontributed 36 percent to the company's sales in this year's<br>\nfirst half, followed by 37 percent from the sale of consumer<br>\nproducts, 15 percent from cooking oil, and 12 percent from<br>\ndistribution.<\/p>\n<p>The company also said that its operating profit margin was<br>\ndown to 10.3 percent in the year's first semester compared to<br>\n11.8 percent in the first half of last year. It said the decrease<br>\nin volume sales of instant noodles, flour, crude palm oil and<br>\ncooking ingredients contributed to the margin drop.<\/p>\n<p>Indofood's total foreign debts decreased to $172.1 million as<br>\nof June 30 from $317.4 million as of Dec. 31, 2004, while its<br>\ndomestic debts declined from Rp 4.9 trillion as of end of last<br>\nyear to Rp 4.8 trillion as of the end of this year's first<br>\nsemester.<\/p>\n<p>The company also said that as per June 30, it had managed to<br>\nbuy back Eurobonds worth $149.3 million out of a total of $310<br>\nmillion that had been sold in June 2002 by Indofood International<br>\nFinance Ltd., a wholly-owned subsidiary domiciled in Mauritius,<br>\nto avoid higher tax of 20 percent compared to 10 percent<br>\npreviously as a result of the cancellation of the tax treaty<br>\nbetween Indonesia and Mauritius.<\/p>\n<p>The company's board of directors also said it would further<br>\nstudy the domestic market before going ahead with its spin-off<br>\nand initial public offering (IPO) plans for Bogasari.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/indofoods-net-profit-nosedives-88-percent-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}