Malaysia-based food and beverage maker Cocoaland saw its profits double in 2011 due to higher sales and improved efficiency.
Cocoaland filed net profit of MYR19.2m (US$6.3m) for last year, against the MYR9.8m it posted in 2010. Pre-tax profits leapt from MYR8.3m to MYR21.7m.
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The company said profits were boosted by a 22% increase in sales and better efficiency from its drinks unit, which incurred “substantial” start-up costs in the previous financial year.
Revenue reached MYR174m, compared to MYR142.3m a year earlier.
Cocoaland said volatile raw material costs and “intense” competition at home and abroad would lead to “greater challenges” this year. It said it would “put extra effort” into brand building and install new confectionery production lines.
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