April 30, 2018 / 2:57 AM / a year ago

UPDATE 1-Indonesia's Indofood posts narrow growth in Q1 profit

* Q1 net income up 1 pct to 1.19 trillion rupiah

* Q1 market remain challenging - CEO (Adds details, quote)

JAKARTA, April 30 (Reuters) - PT Indofood Sukses Makmur , Indonesia’s biggest instant noodle maker, on Monday posted a narrow growth in first-quarter profit, while sales dropped on low consumer demand.

The company’s first-quarter net income came in at 1.19 trillion rupiah ($85.77 million), compared with 1.18 trillion rupiah a year earlier, the company said in a statement on Monday.

“Crude palm oil prices faced pressures and consumer demand have also not shown significant recovery yet,” Indofood Chief Executive Anthoni Salim in the statement.

The country’s largest listed food company, which also produces flour and cooking oil, posted a 1 percent drop in its consolidated sales revenue to 17.63 trillion rupiah.

Market conditions in 2018 continue to be challenging, Salim said.

A Thomson Reuters I/B/E/S poll of 18 analysts estimated an average of nearly 4.6 trillion rupiah in 2018 full year profit.

$1 = 13,875 rupiah Reporting by Fransiska Nangoy, Editing by Sherry Jacob-Phillips

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