Indofood 1Q Net IDR110.44 billion vs restated IDR373.53 billion

Food producer PT Indofood Sukses Makmur (INDF.JK) said Thursday (April 29) its first quarter net profit fell 70 percent on year due mostly to flat sales and losses in foreign exchange and higher net interest expenses.

Indofood said in a statement net profit for the January to March period fell to IDR110.44 billion (US$10.38 million) from IDR373.53 billion (US$35.12 million) a year earlier. Indofood restated its first quarter 2008 net profit of IDR382.93 billion to reflect the impact of an acquisition of a palm oil company last year.

Sales were up a mere 0.7 percent on year at IDR8.91 trillion from IDR8.85 trillion a year earlier.

It said it booked IDR362.20 billion in foreign exchange losses, compared with IDR17.54 billion a year earlier due to a weak rupiah, while interest expenses rose to IDR389.65 billion from IDR237.65 billion a year earlier.

Assets at the end of March were at IDR40.83 trillion, compared with IDR32.06 trillion a year earlier.

US$1 = IDR10,632.92 (as of April 30, 2009)