30 April 2008
Indofood's First Quarter 2008 Financial Results
Jakarta, April 30, 2008 – PT Indofood Sukses Makmur Tbk ("Indofood") today
announced its financial results for the first quarter ended March 31, 2008
(inclusive of the result of PT PP London Sumatra Indonesia Tbk for the first
quarter of 2008), reporting consolidated net sales of Rp8.85 trillion, a 51.7%
increase compared to Rp5.83 trillion in same quarter last year.
Consumer Branded Products Strategic Business Group (SBG), which include
Noodles, Food Seasonings, Snack Foods and Nutrition & Special Food, posted
28.7% growth in total sales. Bogasari, Agribusiness and Distribution SBGs
registered growth in total sales of 38.6%, 146.2% and 29.7% respectively.
Gross profit increased 88.7% to Rp2,36 trillion, primarily due to higher gross
profit of the Agribusiness Group as a result of higher CPO price. Gross margin
increased to 26.6% from 21.4%. Operating profit rose164.7% to Rp1.25 trillion,
and operating margin increased to 14.2%. Net profit improved to Rp382.93
billion from Rp177.31 billion, while core profit increased to Rp395.82 billion
from Rp150.58 billion. Gross and net gearing ratios increased to 1.82 and 1.28
times, mainly due to higher debt incurred to finance the Lonsum acquisition.
Anthoni Salim, the President Director and Chief Executive Officer of Indofood,
said : "We are pleased that Indofood was able to overcome the challenges in the
first quarter of 2008 by maintaining its market leadership and delivered a
marked improvement in its results. The coming months will present a difficult
economic and operating environment. As Indonesia’s leading food company, it is
essential for Indofood to secure key raw materials and improve continuously on
its cost efficiency. Only in this manner will quality products at affordable
prices be delivered to our customers throughout Indonesia".
