Indofood sees higher profit

JAKARTA (JP): Publicly-listed food maker PT Indofood Sukses Makmur expects a net profit of about Rp 1 trillion (about US$142.85 million) this year if the exchange rate of the rupiah against the U.S. dollar stays at the Rp 7,000 level, the company's CEO Eva Riyanti Hutapea said on Tuesday.

"If the rupiah stays at the Rp 7,000 level, our net profit this year could reach Rp 1 trillion," Eva told the media on the sidelines of a working session at the House of Representatives.

Eva didn't provide any details as to how her company would achieve such a high profit.

The rupiah has been hovering at about Rp 7,000 per dollar over the past several weeks.

Indofood booked a net profit of Rp 150 billion last year after suffering a net loss of Rp 1.2 trillion in 1997.

The company reported a consolidated net profit of Rp 845 billion in the third quarter of this year.

Consolidated net sales were Rp 8.4 trillion during the first nine months, higher than Rp 6.4 trillion booked during the same period last year.

Noodles, flour and edible oils and fats continued to dominate Indofood's third quarter of accumulated net sales, contributing 37 percent, 25 percent and 24 percent respectively. (rei)