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Japfa Limited Q1 profit falls 53.1% to US$7.8m

LOWER broiler average selling prices due to lower than expected poultry demand eroded results for Indonesia agri-food firm Japfa Limited in its first quarter.

Net profit dropped 53.1 per cent to US$7.8 million for the three months ended March 31 from the US$16.7 million posted in the previous corresponding period, the group said in a Singapore Exchange filing on Tuesday evening.

Earnings per share sank to 0.42 US cents from 0.95 US cents in the year-ago period.

However, for the three months ended March 31, revenue increased 7.8 per cent to US$911.2 million from the previous year.

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The expansion in revenue was mainly attributable to higher sales volumes across the Indonesian animal protein segment - PT Japfa Tbk, its animal protein other (APO) business segment and dairy.

Net asset value per share edged up to US$0.43 as at March 31, from US$0.42, three months ago.

Japfa Limited shares closed unchanged at S$0.64 on Tuesday, before the announcement.