April 5, 2010

CP Prima reports 16.37% fall in net sales

Publicly traded Indonesian shrimp producer PT Central Proteinaprima (CP Prima JSX:CPRO) reported IDR6.83 trillion (US$754 million) in net sales in 2009, down 16.37% from IDR8.17 trillion (US$902 million) of last year.

The decline in sales was due to shrinking price and decline in its sales of shrimp especially to the US and Europe, according to an analyst.

Despite the decline in sales, the company managed to reduce its losses to IDR217.17 billion (US$23.98 million) from IDR407.18 billion (US$44.95 million) in 2008.

Earlier on, CP Prima was found defaulting on the payment of US$17.9 million in coupon on its bonds.

The performance of the company has been badly hit by virus attacking its shrimp ponds, according to reports.