Charoen Pokphand profits from poultry feed
Animal feed and processed chicken producer PT Charoen Pokphand Indonesia (CPI) more than doubled its first quarter net profits from a year earlier on higher selling prices.
It booked Rp 143.77 billion (about US$14 million) in net profits in the first three-month period of the year, representing a 101 percent rise from Rp 70.72 billion booked a year earlier, president director Thomas Effendy said.
"The company put in a fairly good performance in the period due to rising chicken prices and the decline in commodity prices used for our raw materials," Thomas said.
In total, the company's net sales in the first quarter this year reached Rp 3.11 trillion, increasing by 8 percent from the same period last year.
The revenue came from three types of products: poultry feed 76.3 percent, day-old chickens 14.8 percent and processed chicken meat 8.6 percent.
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