April 30, 2014
CP Prima''s turnover grew 12.31% on strong shrimp and feed sales
Indonesian feed and shrimp producer Central Proteinaprima, commonly known as CP Prima, reported strong shrimp and feed sales and prices, which saw the company report turnover of IDR7.67 trillion (US$664.18 million), up 12.31% on-year.
Feed sales were IDR4.37 trillion (US$378.42 million), up 11.19% on-year, while shrimp sales of IDR2.61 trillion US$226.01 million) is an increase of 20.27% on-year. The company also generated IDR251.31 billion (US$21.76 million) of fry sales and IDR428.97 billion from "other" sales.
The growth in shrimp sales was driven by a weakening rupiah and strong prices, a spokesman said. "The increase in feedsales was primarily attributed to increase in sales prices to compensate with rising feed material costs."
The target for shrimp production for 2014 is about 25,000 tonnes and 550,000 tonnes of feed, he said.
For 2014, the capital expenditure plans for CP Primawill be concentratedon improving infrastructure and production facilities, including its processing plant and cold storage and improvements to farm infrastructure and feed production platform. The company is also looking to expand feed production capacity in East Java.
The company originally reported an operating loss of IDR794.41 billion (US$68.79 million), despite strong sales for 2013 and a net profit, partly caused by foreign exchange operation losses, due to the weakening rupiah.
The company has been struggling since it was hit hard by an outbreak of infectious myonecrosis virus (IMNV) in 2009, reporting an operating loss in 2013, compared to an operating profit of IDR139.56 billion (US$12.09 million) in 2012.
However, a gain of IDR2.52 billion (US$218,220) from the restructuring of a bond (since Q2 2009) meant the company reported a net profit for 2013, of IDR1.19 billion (US$103,048), compared to a loss of IDR436.32 billion (US$37.78 million) in 2012.