World Grain - June 2011 - 12

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Indofood reports profit increase in first quarter
JAKARTA, INDONESIA — PT Indofood Sukses Makmur Tbk announced on April 29 a gross proﬁt increase of 18.9% for the ﬁrst quarter to Rp3.32 trillion from Rp2.80 trillion. Operating proﬁt grew 32% to Rp1.77 trillion from Rp1.34 trillion. The company reported consolidated ﬁrst-quarter net sales of Rp10.76 trillion, an increase of 15.6% from Rp9.31 trillion reported in the same quarter last year. Gross margin and operating margin improved to 30.9% and 16.5%, respectively. Net income attributable to the equity holders of the parent company rose 16.4% to Rp735.6 billion from Rp631.9 billion. Core proﬁt increased to Rp726.4 billion from Rp581.4 billion in the same quarter last year. All business groups, namely Consumer Branded Products (CBP), Bogasari, Agribusiness and Distribution registered healthy sales growth, according to the company. Total sales value of Bogasari Group increased 15.9% on the back of stronger volume and higher ﬂour prices in conjunction with higher global wheat prices. Bogasari Group contributed 26% to consolidated net sales. The Agribusiness Group continued to beneﬁt from higher Crude Palm Oil and rubber prices. The higher prices combined with increased production, as well as stronger edible oils and fats sales has resulted in a signiﬁcant increase of 37.5% in the Group’s total sales value. Contribution of Agribusiness Group to consolidated net sales was 23%.

Agribusiness segment drives strong first-quarter for Bunge
WHITE PLAINS, NEW YORK, U.S. — Bunge reported on April 28 EBIT earnings of $317 million for the ﬁrst quarter, up from $118 million in the ﬁrst quarter of 2010. Net income was $232 million for the quarter, up from $63 million a year ago. Earnings per share were $1.49. Leading the way was the agribusiness segment, which had earnings of $253 million, up from $122 million a year ago. Higher results in the quarter were primarily due to strong performance in grain merchandising, which beneﬁted from strong global demand for U.S. and South American exports, Bunge said. Higher results in the quarter for milling products were due to stronger margins in wheat and corn milling, as well as the contribution of its U.S. rice milling business, which was acquired in the fourth quarter of 2010. Wheat milling beneﬁted from the combination of high local sales prices and low raw material costs, as much of Bunge’s inventory was purchased prior to the rise in global wheat prices. Results in oilseed processing were lower due to weaker volumes and margins. Lower volume in the quarter was primarily due to reduced European grain origination and softseed processing volumes resulting from the smaller 2010 crops in the Black Sea region. First-quarter 2010 results included $14 million of impairment and restructuring charges.

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World Grain - June 2011

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