JAKARTA - PT Indofood CBP Sukses Makmur Tbk (ICBP) revealed that the performance of the snack business run by its subsidiary, PT Indofood Fritolay Makmur (IFL), experienced losses for three consecutive years.
Gideon A. Putro, Corporate Secretary of ICBP, explained the loss experienced by IFL in the financial years 2017, 2018, and 2019. For three consecutive years, IFL's profit before tax (EBIT) was recorded at minus IDR 49.69 billion, IDR 198.43 billion, and IDR 42.7 billion.
Conversely, IFL's income during that period was fairly stable at around IDR 1.69 trillion. However, last year, the company posted a positive EBIT of IDR214.11 billion as of September 2020.
Putro said that the contribution of PepsiCo's branded products was around one-third of IFL's revenue. "The contribution of products under the PepsiCo brand was around 30%," said Putro through an information disclosure on the Indonesia Stock Exchange.
As previously reported by idnfinancials.com, IFL is a subsidiary of ICBP and Fritolay Netherlands Holding B.V., an affiliated company of PepsiCo Inc. Wanting to run the snack business independently, ICBP acquired all of Fritolay's shares in IFL. (KR/AC)