May 25, 2009
CP Indonesia Q1 profits up on better prices
Animal feed and processed chicken producer PT Charoen Pokphand Indonesia (CPI) more than doubled its first quarter net profits from a year ago on higher selling prices.
The company posted RP143.77 billion (US$14.1 million) in net profits in the first quarter, up 101 percent from RP70.72 billion (US$7 million) a year ago, president director Thomas Effendy said.
The company performed fairly well due to rising chicken prices and the decline in raw material prices, Effendy said.
In total, the company's net sales in the first quarter reached RP3.11 trillion (US$304.4 million), up eight percent on-year. The revenue came from poultry feed at 76.3 percent, day-old chickens 14.8 percent and processed chicken meat 8.6 percent.
