SINGAPORE: Petra posts loss in Q1
- Sales dropped 3.3% to US$122.7m
- Operating income was up to USD1.3m
- Net profit dropped 2.3% to USD$13.7m
Petra Foods has posted a loss in Q1
Petra Foods has suffered a net loss for the first quarter of 2014.
The Singapore confectioner reported for the period ended 31 March a net loss of 2.3% to USD$13.7m and attributed it to the costs associated with the divestment of the cocoa ingredient business.
In addition the firm was hit by negative currency translation.
Sales were also down 3.3% for the quarter. While regonal markets performed better for Petra's branded consumer division, posting an increase in sales of 6.2%, in the Indonesian markets, sale fell 6.5% against the same period last year.
Chocolate is one of the most popular food product among all age groups of people. It is made up of cocoa liquor, cocoa butter, sugar, and lecithin. It is consumed in between meals and as a desert duri...
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