Petra Food’s CEO John Chuang said 2011 was “another good year” for the group

Petra Food’s CEO John Chuang said 2011 was “another good year” for the group

Strong demand for customised cocoa ingredients boosted Singapore-based Petra Foods' profits in 2011.

Net profit amounted to US$606m for the 12 months to the end of December, a 36.2% increase on 2010.

The Singapore-based company cited "strong demand globally for customised cocoa ingredients and increased regional consumption" for the increase.

Revenue for the group's cocoa ingredients division rose 6.4% to $1.3bn, with EBITDA growing 22.8% year-on-year to $66.3m.

Group EBITDA climbed 19.5% to reach $129.6m, while sales in the period grew 8.7% to $1.7bn, the company reported today (24 February).

In the fourth quarter, net profit increased 12.8% to reach $18.4m, while EBITDA grew 6.3% to $35.3m. Sales, however, slid 3.6% to $405.7m in the period.

In all, Petra Foods CEO John Chuang said 2011 was "another good year" for the group.

He added: "In anticipation that the global macro-economic and financial environment will remain challenging, we have further strengthened the robustness of our businesses and are prepared to face the challenges that may come our way."