Indofood Sukses Makmur falls on weak earnings
Oct 30 (Reuters) - Shares of PT Indofood Sukses Makmur Tbk , one of the world's biggest instant noodle makers, fell as much as 6.16 percent after posting a significant drop in net profit for the nine-month period ended Sept. 30.
Net profit for the first nine months slumped 24.6 percent to 1.9 trillion rupiah ($171.1 million), or 219 rupiah per share.
Interest expense, which had tripled compared with the same period last year, and additional charges or fee on the China Minzhong's acquisition hurt the company's earnings, Jakarta-based Mandiri Sekuritas Research said in a note.
Last month, Indofood launched a takeover offer for Singapore-listed China Minzhong Food Corp Ltd, that values the food producer at S$734 million ($575 million), just days after an attack by a short-seller eroded almost half of the Chinese firm's market value.
Indonesian consumer stocks slid 0.82 percent, while the broader Jakarta Composite Index was down 0.09 percent.
Shares in Indofood Sukses fell 6.16 percent to 6,850 rupiah. ($1 = 11,102.5 rupiah) (Reporting by Andjarsari Paramaditha; Editing by Anand Basu)
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