SINGAPORE: Petra Foods posted Q3 profit
Singapore-based Petra Foods has today (10 November) posted a rise in third-quarter profit, boosted by higher own-brand sales.
The company reported net profit of US$13.6m for the three months ended 30 September, surging 34% on the same period last year. EBITDA reached $31m, jumping 11.8% on last year.
However, revenue dropped 0.5% to $431m for the three months. Sales in the cocoa ingredients division were down 2% because of weaker cocoa bean prices, the company said.
However, branded consumer sales were up 4.6% to reach $104.7m, which was mainly driven by higher own-brand sales in Indonesia and the Philippines. EBITDA for the cocoa ingredients division was up 7.5% while the branded consumer sector was up 16.6%.
Petra Foods CEO John Chuang expects the business to "continue growing" by investing in additional production capacity to meet high demand for cocoa products.
He said: "Despite the continuing global macroeconomic challenges such as the volatile raw material prices and currency markets, we expect our business divisions to continue growing. Barring unforeseen circumstances, we are expecting another year of strong growth and record profit for full-year 2011."
For the nine months ended 30 September, the group posted net profit of $42.2m, up 50% on the same period last year. EBITDA reached $94.2m, up 25.4% on last year. Sales climbed 13.2% for the nine months to $1.31bn.
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