Japfa's net profit dropped 26% to US$8m in Q3

Blame it on large forex losses.

Agribusiness company Japfa reported an attributable profit of US$8m in the third quarter of the year, with its core profit eroded by the weak Indonesian rupiah.

Foreign exchange adjustments losses were US$28.9 million in the past quarter as compared to US$3.3 million in the same period last year.

The foreign exchange adjustments losses in 3Q15 were primarily due to the unrealised exchange losses on the US Dollar-Denominated Senior Notes Due 2018, caused by the 10% depreciation of the Indonesia Rupiah against the US Dollar.

The group was also impacted by fair value losses from biological assets, mainly due to lower raw milk prices and global benchmark prices for heifer, which affected the valuation.

Excluding forex losses, the group's core profit more than doubled from US$13.8 million in 3Q 2014 to US$30.7 million in 3Q 2015.