JAKARTA (Yosefardi) – Investors sold off shares of feed producer PT Malindo Feedmill (MAIN) after the company reported a loss for the third quarter of 2014.
At 3.35 pm Jakarta time, MAIN plummeted 21.8% to Rp2445 per share with over 6.9 million shares exchanged hands.
MAIN booked net loss of Rp69 billion in the third quarter of 2014 against net profit of Rp66 billion in the corresponding period of 2013 due to falling sales revenue and squezzed margins.
Meanwhile, shares of its peers, Charoen Pokphand Indonesia (CPIN) and Japfa Comfeed (JPFA) only fell 5.24% and 7.97% respectively.
CPIN performed better than MAIN and JPFA where its net profit declined only 32% to Rp461 billion in the third quarter of 2014.