Charoen sees '08 net profit at $47.6M
Agro and aqua-culture firm PT Charoen Pokphand Indonesia expects its net profit to more than double to Rp450 billion ($47.6 million) this year on higher sales and prices of animal feed and poultry, the company said on Tuesday, Reuters reported.
Sales of poultry feed and chicken have been increasing as rising beef prices have prompted consumers to consume more poultry, said Thomas Effendy, Charoen's vice president.
"Despite the recent fuel price hike, sales of animal feed, eggs and chicken have been robust," Effendy said. The company booked a net profit of Rp187 billion in 2007.
In the first half of this year, the company posted a net profit of Rp209 billion ($22.1 million), up from Rp95 billion in the same period last year.
Effendy did not elaborate on sales volumes, but animal feed prices rose to Rp3,900 a kg in the first six months of this year, from Rp2,900 a kg in the same period last year.
The company, one of Indonesia's largest feedmillers, has a production capacity of 4 million tonnes of poultry feed a year. The country's animal feedmillers import all soymeal consumption due to lack of supplies at home. The poultry industry consumes 85% of Indonesia's feed output.
Sales of poultry feed and chicken have been increasing as rising beef prices have prompted consumers to consume more poultry, said Thomas Effendy, Charoen's vice president.
"Despite the recent fuel price hike, sales of animal feed, eggs and chicken have been robust," Effendy said. The company booked a net profit of Rp187 billion in 2007.
In the first half of this year, the company posted a net profit of Rp209 billion ($22.1 million), up from Rp95 billion in the same period last year.
Effendy did not elaborate on sales volumes, but animal feed prices rose to Rp3,900 a kg in the first six months of this year, from Rp2,900 a kg in the same period last year.
The company, one of Indonesia's largest feedmillers, has a production capacity of 4 million tonnes of poultry feed a year. The country's animal feedmillers import all soymeal consumption due to lack of supplies at home. The poultry industry consumes 85% of Indonesia's feed output.