SINGAPORE: Cocoa ingredients drive Petra Foods profits
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."
Companies: Petra Foods
Petra Foods, the Singapore-based consumer and B2B chocolate and cocoa group, has incorporated a wholly-owned subsidiary into its organisational structure....
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