Indofood Sukses Makmur net income of Rp2.23t
Indofood Sukses Makmur reported net income of Rp2.23t in 1H16, up 28.9% yoy from Rp1.73t in 1H15. With 1H net income usually contributing 51-68% of full-year net income during 2012-15, 1H16 net income meets our and market expectations, accounting for 56.5% and 56.8% of our and market full-year forecasts respectively. 1H16 revenue increased 4.4% to Rp34.08t in 1H16 from Rp32.63t in 1H15. Branded consumer goods is still the main contributor of the revenue, accounting for 52% of total revenue, followed by Bogasari, agribusiness, and distribution with contributions of 23%,17% and 8% of total net revenue respectively. 1H16 operating income came in at Rp4.01t, up 4.2% yoy from rp3.85t in 1H15.