Food manufacturer conglomerate PT Indofood Sukses Makmur booked a positive financial performance throughout the first half of this year thanks to the increased sales and profit of its processed food subsidiary during the period.
During the first half of this year, Indofood booked Rp 38.61 trillion (US$2.75 billion) in sales, a 7.25 percent year-on-year (yoy) increase during the period.
The publicly listed company’s net profit jumped 30.12 percent yoy to Rp 2.55 trillion during the January to June period.
Indofood’s processed food subsidiary PT Indofood CBP Sukses Makmur (ICBP) booked total sales of Rp 22.13 trillion, a 13.72 percent yoy increase, while its net profit grew 12.38 percent yoy to Rp 2.57 trillion.
Indofood president director Anthoni Salim said in a statement on Wednesday that the positive performance ICBP managed to book in the first six months this year was influenced by increased consumption during the Idul Fitri holiday period in June.
However, he acknowledged that the company was still facing challenges from its agribusiness line as the declining CPO price continued to put pressure to its agribusiness line.
“Despite the challenge, we still believe we can continue this positive performance by maintaining our competitiveness through increasing our productivity and controlling our costs,” Anthoni said.