SINGAPORE: Cocoa ingredients boost Petra Foods Q2 profits
Singapore-based Petra Foods has reported a jump in quarterly profits on better sales and improved earnings from cocoa ingredients.
For the quarter ended 30 June, net profit rose 54.3% to reach US$14.8m, the cocoa supplier and confectoner said today (12 August).
Petra said its revenue rose 15.8% to reach $432.3m. The company's EBITDA increased 33.5% to $32.8m as EBITDA from cocoa ingredients shot up 43.3% to $256m.
Sales from cocoa ingredients increased 14.4% to $324.1m. Volumes were up 13.9%.
Petra Foods' branded food division saw revenue rise 20.3% to $108.2m, which drove a 23.4% increase in EBITDA to $14.9m.
For the first six months of 2011, the company reported a 58.7% increase in net profit to $28.4m, while EBITDA rose 32.7% to $63.2m. Revenue was up 21.5% to $865.4m.
The company expects the positive growth momentum for both the cocoa ingredients divison and branded divisions to continue for the rest of the year.
"With the continued momentum of both our businesses, the group is well positioned to grow despite the continuing global uncertainties including volatile raw materials prices and currency markets. Barring any unforeseen circumstances, we look forward to another year of growth," CEO John Chuang said.
Koh Poh Tiong, the former chief executive of Singapore food and beverage group Fraser & Neave, has taken a seat on the board of local cocoa and chocolate maker Petra Foods....
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