Indofood CBP net income of Rp1.98t in 1H16
Indofood CBP posted net income of Rp1.98t in 1H16, up 13.9% yoy from Rp1.74t in 1H15. With 1H net income typically contributing 51-58% to full-year net income in 2012-15, 1H16 net income meets our and market expectations, accounting for 54.5% and 55.6% of our and market full-year forecasts respectively. 1H16 revenue came in at Rp18.18t, up 9.8% yoy from Rp16.55t in 1H15. The noodle business was still the main contributor, accounting for 64% of total revenue and followed by Dairy, Snacks, Seasoning and other with respective contribution of 19%, 7%, 3% and 7%. Operating profit increased 24.9% yoy to Rp2.74t in 1H16 from Rp2.19t in 1H15 which resulted in operating margin expanding from 13.2% in 1H15 to 15.1% in 1H16.