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Japfa's Q2 earnings plunge 86% to US$2.96m

AGRI-FOOD company Japfa reported an 86 per cent year-on-year slide in net profit to US$2.96 million for the second quarter ended June 30, 2015, due in part to lower revenue as well as the absence of a one-off gain from an asset disposal in the corresponding quarter a year ago.

Core Patmi (profit after tax and minority interests) came to US$14.27 million, down from US$16.5 million.

Revenue declined 8 per cent to US$704.25 million mainly due to the Indonesian operations in the animal protein and consumer food segments which saw continued decline in consumer demand.

Earnings per share came to 0.17 US cent, down from 1.40 US cents a year ago.

For the six-month period, net profit dropped 71 per cent to US$9.96 million, while revenue slid 5 per cent to US$1.38 billion.

"As we navigate the headwinds in Indonesia, we will continue to leverage our track record in replicating our industrialized and scalable business, to build our three key business pillars - dairy in China, poultry in Indonesia, and poultry and swine in Indochina,"said chief executive Tan Yong Nang.