Maker of Indomie Posts Net Profit Gain during Coronavirus Pandemic

The instant noodle producer has been left unscathed from the brutal economic impact of the coronavirus pandemic.

While the Indomie manufacturer booked a net profit gain, companies in other sectors have been less fortunate.

Indonesian ride-hailing giant Gojek announced layoffs and the shutdown of its GoLife wing on June 24.

Read also: Gojek Cuts 430 Jobs As Indonesian Economy Slows Down Due to Covid-19

The move came despite receiving an investment of more than $3 billion and a valuation of $10 billion by investors Facebook, PayPal, Tencent, and Google.

Similarly, Singapore’s Grab also announced layoffs in June affecting its Indonesian branch.

Read also: Grab Reduces 5 Percent of Workforce Due to Coronavirus Pandemic

Indonesia’s GDP grew 2.97 percent year on year during the first quarter of 2020 as reported by Statistics Indonesia.

The growth is weaker than the central government and Bank Indonesia’s projections of 4 percent GDP growth.

The Indonesian economy is expected to rebound during the third quarter although the OECD warned that the national economy could contract by 2.8 to 3.9 percent if Indonesia faces a second wave of coronavirus infections. 

(Writer: Kiki Safitri | Editor: Bambang P. Jatmiko) 

Source: https://money.kompas.com/read/2020/05/22/160801926/produsen-indomie-bukukan-laba-bersih-rp-14-triliun-di-kuartal-i-2020