SINGAPORE: Forex weighs but Petra points to underlying growth
Singapore-based confectioner Petra Foods has booked a fall in half-year profits thanks to currency fluctuation, although it said underlying earnings were higher.
Petra said profit after tax and minority interests was US$27m for the six months to the end of June, down 6.2% on the year. EBITDA slid 6.5% to US$42m.
The weakness in local currencies, especially the Indonesian rupiah, against the US dollar hit the reported results.
Revenue inched up 1% but was affected by foreign exchange. On a constant-currency basis, profit after tax and minority interests was up 18.5%, EBITDA grew 15.5% and revenue increased 18.3%.
Petra said sales was driven by its branded business across its markets. Indonesia accounts for 73% of turnover. The company said sales of its own brands in the Philippines jumped 40% in the first half amid investment in distribution and NPD.
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