INDUSTRIAL agri-food company Japfa's net profit for its first half grew six times to US$76.8 million, thanks to better operating profit in its "other animal protein" segment, which was driven by continued high average selling prices for fattened pigs - in turn the result of a shortage of pork following an outbreak of African swine fever in Vietnam.
At the same time, the improved operating profit in its dairy segment was driven by higher raw-milk prices in China - due also to short supply.
Operating profit in the company's consumer food segment also improved, contributed by higher sales volumes in frozen products as people stocked up on food supplies due to Covid-19 movement restrictions enforced in Greater Jakarta in April.
However, operating profit in its Indonesian unit, PT Japfa, dropped on the back of lower average selling prices for broilers and day-old chicks, as a result of lower consumer spending due to Covid-19 in Indonesia.
Revenue dipped 3 per cent to US$1.8 billion, due to the poorer performance of PT Japfa, which contributed the bulk of the group's turnover.
Earnings per share was 3.82 US cents, versus 0.69 cent a year ago.