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Indonesia Food and Drink Report Q3 2009
Business Monitor International, June 2009, Pages: 71
The Indonesia Food Drink Report provides independent forecasts and competitive intelligence on Indonesia's food and drink industry.
While Indonesia’s economy is outperforming most other Asian countries whose economies have been hit hard by falling global trade, this quarter has still seen little merger, acquisition or expansion activity. This is most likely as a result of companies remaining cautious in the face of the current global economic crisis.
Despite prevailing economic conditions, Indonesian food company Indofood Sukses Makmur has posted strong 2008 financials, with sales growth achieved across all operating segments. Indofood's revenues increased by 39.3% to reach IDR38.8trn (US$3.34bn), however, the company refrained from making any bullish statements about its prospects for 2009. One company not worried about making such statements is Charoen Pokphand Indonesia, who announced this quarter that for the 2009 financial year it expects income to reach IDR13trn (US$1.18bn). This optimism is not surprising when per-capita food consumption is predicted to rise by 9.74% from 2008 to reach US$273.8 in 2009.
Moving to the mass grocery retail sector (MGR), this quarter Indonesian retailer Matahari Putra Prima announced results for the 2008 financial year. Sales increased 22.6% year-on-year (y-o-y) to reach IDR12trn (US$1.09bn), food sales accounted for IDR5.7trn (US$499.3mn) of this figure. However, despite the strong growth in sales the company suffered a decline in net profit to IDR10bn. The company remains positive amid the current global economic crisis and is planning to increase sales by 20% in 2009. This does not seem unrealistic when value sales through modern retail outlets are expected to increase 13.2% from 2008 to reach US$5.93bn in 2009, increasing yet further to reach US$9.36bn in 2013. Despite the company’s positivism, this quarter it announced that it is to slowdown its expansion plans as part of a pre-cautionary measure to save money during this period of economic uncertainty. Despite the current air of caution, we has forecast GDP growth of 3.6% for 2009, followed by a recovery to 4.5% in 2010, this offers some positivity for the country’s long-term outlook.
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