Weaker rupiah, lower commodity prices hit IndoAgri Q1 results

Singapore

DRAGGED down by a weaker Rupiah, softer commodity prices and foreign exchange losses, Indofood Agri Resources posted an 80.7 per cent year-on-year plunge in net profit to 35.03 billion rupiah.

Revenue slipped 16.1 per cent to 2.66 trillion rupiah in 1Q15 due to lower contributions from both its plantations and edible oils & fats (EOF) segments. Earnings per share worked out to 28 rupiah, down from 128 rupiah previously. Its plantation division saw total revenue decrease 24 per cent to 1.8 trillion rupiah (S$183.8 million) on the back of lower average selling price and sales volume of palm products. Meanwhile, its EOF division reported a total revenue of 1.9 trillion rupiah, down 19 per cent from the corresponding quarter last year. Gross profit fell 17 per cent to 739 billion rupiah, due to lower average selling prices and sales volume of palm products, partly offet by higher profit contributions from the EOF division.