Garudafood net profit drops 18.51% yoy in Q1
JAKARTA. PT Garudafood Putra Putri Jaya Tbk (GOOD) posted a drop in net profit by 18.51% year on year (yoy) to Rp 30 billion in the first quarter of 2019.
GOOD Director Paulus Tedjosutikno said the net profit drop was caused by fluctuations in raw material prices and business competition in Q1. "Competition was different compared to previous year, and it caused rising advertising and promotional costs," said Mr Tedjosutikno in a public expose, Tuesday (30/4).
However, GOOD recorded sales growth of 5.9% yoy to Rp 128 billion in Q1. Mr Tedjosutikno added that the company will expand its network distribution this year, particularly retail outlets.
"As of 2018 the reach obtained by the company amounted to 380,000 outlets, and this will be increased every year," said Mr Tedjosutikno. (KR)