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Indofood Agri Resources profit misses consensus by 79.1% in Q1

Indofood Agri Resources Ltd. said its normalized net income for the first quarter came to 36.68 rupiah per share, compared with the S&P Capital IQ consensus estimate of 175.89 rupiah per share.

EPS fell 60.0% year over year from 91.74 rupiah.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 45.89 billion rupiah, a decline of 64.8% from 130.37 billion rupiah in the prior-year period.

The normalized profit margin dropped to 0.6% from 4.1% in the year-earlier period.

Total revenue decreased 16.1% year over year to 2.659 trillion rupiah from 3.171 trillion rupiah, and total operating expenses decreased 14.2% on an annual basis to 2.265 trillion rupiah from 2.640 trillion rupiah.

Reported net income decreased 80.7% on an annual basis to 35.03 billion rupiah, or 28.00 rupiah per share, from 181.90 billion rupiah, or 128.00 rupiah per share.

As of April 29, US$1 was equivalent to 12,900 rupiah.