JAKARTA. Indofood Agri Resources Ltd or IndoAgri posted a net loss of Rp 221.76 billion in 2018 due to the drop of commodity prices.
The company, a subsidiary of PT Indofood Sukses Makmur Tbk (INDF) which engages in agrobusiness, had obtained a net profit of Rp 447.3 billion in 2017. In terms of prroduction, IndoAgri recorded CPO production of 931,000 metric tonnes or a 20% growth in 2018.
IndoAgri CEO and Executive Director Mark Wakeford confirmed that the company's performance was affected by the drop of commodity prices. "Our performance was weaker, especially because of the low CPO and sugar prices in 2018," Mr Wakeford said in an official release, Friday (1/3).
IndoAgri added that the 2018 loss was also affected by a currency loss of Rp 118 billion, a rapid 713.8% increase from the 2017 currency loss of Rp 14.5 billion. (KR/MS)