JAKARTA, INDONESIA — Indofood CBP Sukses Makmur reported on Oct. 30 that its nine-month earnings were 1.7 trillion rupiah ($124 million), down 45% from 3.07 trillion rupiah in the period last year.
The decline was the biggest since January-September 2005, according to Thomson Reuters data.
The Bogasari segment, which produces wheat flour and pasta, reported sales of 14 billion rupiah ($1,022,107), down 5% from 14.7 billion rupiah in the same period last year. The EBIT margin for the segment was down to 6.5% from 7.2% in the same period a year earlier.
The segment accounted for 17.9% of the total EBIT.
"The macroeconomic condition in the last few months has posed quite a challenge for us," said Anthoni Salim Indofood chief executive officer. The weak crude palm oil prices had also hit the company's net profit, he added.
Total net sales were 47.5 billion rupiah ($3,474,096), up 1.5% from 46.8 billion rupiah. The agribusiness segment accounted for 18.3% of sales for the first nine months of 2015. The Bogasari segment accounted for 23.8% of sales.
The agribusiness segment experienced a decrease in sales of 4% from 10.05 billion rupiah to 10.55 billion rupiah in 2014. The segment accounted for 20.4% of the total EBIT.