Indofood's profit surges

JAKARTA (JP): Publicly listed food producer Indofood Sukses Makmur announced a consolidated net profit of Rp 845 billion (US$120 million) in the third quarter ending Sept. 30, compared to Rp 81.8 billion during the same period last year.

Indofood's CEO and president Eva Riyanti Hutapea said the surge in the net profit was partly due to a 33 percent growth in the company's sales.

"Indofood booked consolidated net sales of Rp 8.4 trillion throughout the nine months, higher than Rp 6.4 trillion booked during the same period last year," she said in a company statement on Monday.

The increase was also partly attributed to a sharp fall in foreign exchange losses to Rp 145.3 billion in the January to September period from Rp 781.6 billion.

She said noodles, flour and edible oils and fats continued to dominated Indofood's accumulated net sales, contributing 37 percent, 25 percent and 24 percent respectively.

Eva said Indofood settled 32 percent of its outstanding foreign debts to leave it with $711 million as of Sept. 30, compared to $1.04 billion on the same date last year. (cst)