Winners and Losers of First Half (2)

Consumer goods giant Unilever was flat, while food giant Indofood posted double digit growth of net profit. Malindo Feedmill confirmed strong performance of integrated poultry players in the first half, while Kentucky Fried Chicken enjoyed strong growth like Pizza Hut. Tire manufacturer Gajah Tunggal suffered from forex translation, while affiliated company Polychem enjoyed the ride.

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First Quarter Results

Toll road developer and operator Jasa Marga (JSMR) booked a net profit of Rp582.98 billion in the first quarter (Q1) ended March 31, 2018, grew 6.53% year on year (y/y). Ebitda margin increased 1.9% to 66.3%. Its revenues jumped 92.84% to Rp9.63 trillion on the back of construction revenue. Revenue from toll road and other business rose 11.23% to Rp2.38 trillion. Revenues from construction surged 154% to Rp7.25 trillion. But operating expenses also jumped 115% to Rp8.1 trillion.

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Arla Foods & Indofood Venture

Arla Foods, one of the world’s largest players in dairy business, has decided to enter into a joint venture with Indofood CBP Sukses Makmur (ICBP), the largest food & beverage company in Indonesia. Arla and Indofood will have almost equal share in the joint venture, which will handle sales, distribution, and production of dairy products.

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