Indonesia's largest instant noodle maker PT Indofood Sukses Makmur Tbk (INDF) today announces a 76.37% jump in net profit in the first half of this year on the back of lower cost of goods sold.
Indofood posted IDR1.41 trillion net profit or IDR355 per share in the first half of 2010 from IDR799.74 billion or IDR253 per share a year earlier.
Operating income rose 40.54% from IDR2.22 trillion in the first half of last year to IDR3.12 trillion in the first half of 2010, despite a higher operating expenses of 10.84% from IDR2.49 trillion to IDR2.76 trillion.
Indofood's gross profit increased 24.58% from IDR4.72 trillion to IDR5.88 trillion as a result of lower cost of goods sold by 8.38% from IDR13.36 trillion to IDR12.24 trillion.
The company, controlled by Salim family, booked IDR18.12 trillion revenue, a slight increase of 0.22% from IDR18.08 trillion a year earlier. The biggest contributor for Indofood's revenue was consumer branded product (CBP) segment of 47%, wheat flour business made 26%, agribusiness with 19%, and 8% came from distribution segment.
In a morning notes today, PT Mandiri Sekuritas said Indofood's 1H 2010 net income is above consensus estimates. The net income growth was mainly due to increase in noodle selling price.
Looking at segmental performance, CBP division performed well with 8.3% year on year growth that compensated revenues contraction from wheat flour segment. Agribusiness segment posted flat growth year on year. Indofood is currently trading at PER10-11F consensus of 17.1-14.8x. Source: Bisnis Indonesia
Indofood posted IDR1.41 trillion net profit or IDR355 per share in the first half of 2010 from IDR799.74 billion or IDR253 per share a year earlier.
Operating income rose 40.54% from IDR2.22 trillion in the first half of last year to IDR3.12 trillion in the first half of 2010, despite a higher operating expenses of 10.84% from IDR2.49 trillion to IDR2.76 trillion.
Indofood's gross profit increased 24.58% from IDR4.72 trillion to IDR5.88 trillion as a result of lower cost of goods sold by 8.38% from IDR13.36 trillion to IDR12.24 trillion.
The company, controlled by Salim family, booked IDR18.12 trillion revenue, a slight increase of 0.22% from IDR18.08 trillion a year earlier. The biggest contributor for Indofood's revenue was consumer branded product (CBP) segment of 47%, wheat flour business made 26%, agribusiness with 19%, and 8% came from distribution segment.
In a morning notes today, PT Mandiri Sekuritas said Indofood's 1H 2010 net income is above consensus estimates. The net income growth was mainly due to increase in noodle selling price.
Looking at segmental performance, CBP division performed well with 8.3% year on year growth that compensated revenues contraction from wheat flour segment. Agribusiness segment posted flat growth year on year. Indofood is currently trading at PER10-11F consensus of 17.1-14.8x. Source: Bisnis Indonesia
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