Petra Foods has doubled its net profit

Petra Foods has doubled its net profit

Cocoa manufacturer Petra Foods announced today that it doubled its net profit to US$10.3m for the third quarter.

The Singapore-based company said the 109% increase in net profit was attributable to higher sales volumes, unit pricing and stronger margins in its branded consumer and cocoa ingredients divisions.

For the quarter ended 30 September, revenue jumped 33.8% to $433.1m.

The firm's branded consumer division achieved 19.4% revenue growth to $100m and EBITDA growth of 26.4% to $13m. Results in the division were driven by higher sales in both the Indonesian and regional markets for own brands and third party brands and an improvement in gross profit margin year-on-year.

Petra's cocoa ingredients division registered a 38.8% uplift in sales to $333m on the back of a 2.8% increase in sale volume. EBITDA jumped 98.7% to $14.7m, boosted by the higher sales volume and a higher EBITDA yield due to increased sales of premium products in Europe.

The company is forecasting "record earnings" for the 2010 financial year said chief executive John Chuang.