Indofood's profit plunges

Indofood's profit plunges

JAKARTA (JP): Publicly listed PT Indofood Sukses Makmur, the
world's largest noodle maker, reported yesterday a 70 percent
decline in net profit in the first quarter this year from the
same period last year.

The figure of Rp 28.29 billion (US$2.57 million) was down from
Rp 97.36 billion.

The company attributed the decline to foreign exchange losses,
which soared to Rp 160.70 billion in the first three months this
year against Rp 10.95 billion in the corresponding period of
1997.

But the company said in a statement that its sales increased
by 127 percent to Rp 1.76 trillion in the first quarter this
year, from Rp 778.20 billion last year.

The statement said the noodle business accounted for 35
percent of its sales, edible oil and fats 23 percent, flour
business 17 percent and snacks, baby foods, distribution, trading
and others contributed 25 percent to its sales. (aly)