SINGAPORE: Chocolate charges melt Petra Foods FY profits
- FY profits slide by 57% to US$25.9m
- Net sales rise by 13.8% to $477.7m
- EBITDA up by a third to $84.8m
Petra Foods has seen full-year profits slide by 57% due to difficult trading conditions and one-off charges related to its soon-to-be-sold cocoa ingredients business.
For the 12 months to the end of December, Singapore-based Petra saw net profits were US$25.9m, down 57.2% on the previous year. The group sank to net losses of $16.7m in the fourth-quarter, versus profits of $18.4m in the same period of 2011.
Petra said it took a $27.5m charge connected to the planned divestiture of its cocoa ingredients business.
The unit also continued to come under margin pressure, and sank to net losses of $28.6m for the full-year, from profits of $21.2m a year earlier.
John Chuang, Petra's CEO, said the proposed sale of the cocoa ingredients arm will enable the group focus on its better-performing branded consumer business. It will focus on rising demand for chocolate and confectionery in South East Asia.
A strong showing from Petra's branded and consumer food arm enabled it to increase overall net sales by 13.8% in 2012, to $477.7m. EBITDA rose by almost a third, to $84.8m.
Excluding the cocoa ingredients business, net profits jumped by 38.6%, to $54.5m.
Original source: http://petrafoods.listedcompany.com/newsroom/20130227_013455_P34_056C00B4BD5B78CD48257B1E00602BE4.2.pdf
The CEO of Petra Foods has insisted the Singapore-based confectioner is in "an ideal position" to capitalise on opportunities in Asia in the wake of the sale of its cocoa ingredients arm to Barry Call...
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
- Premier Foods to push on with range revamp
- Focus: Why Dairy Crest needs to offload dairies
- UK Responsibility Deal must solve credibility gap
- Sweets & Snacks Expo: just-food's pick
- Why FMCG background key for next Thorntons CEO
- Mars launches "healthy" snacks Goodnessknows
- JBS "seeking M&A" in Americas, Australia
- Dairy Crest earnings fall
- General Mills launches Greek yoghurt in Australia
- Unilever CFO Jean-Marc Huet stands down
- Mars Inc in Packaged Food (World)
- Pizza Delivery & Takeaway in the UK - Industry Market Research Report
- ALDI 2015: Radically transforming Anglo Saxon grocery markets
- China Resources Enterprise, Limited - Strategy and SWOT Report
- Chocolate Flavors Market by Application & Region - Global Trends & Forecast to 2019