Petra earnings plunge

Petra earnings plunge

Petra Foods, the Singapore-based chocolate maker, revealed that it plunged into the red during 2015 as one-time expenses and lower sales hit the bottom line. 

Net earnings dropped to a loss of US$4.7m in 2015, down from $48.7m in 2014. Expenses related to the settlement of a dispute with Barry Callebaut regarding the sale of Petra's cocoa unit to the Swiss business-to-business giant dented profit, trimming $19.4m off the net result. 

Gross margins were also down in the year on an increase in the cost of goods sold, with gross profit dropping 24.8% to $120.8m. 

Petra Foods also faced a drop in sales, which it attributed to "weak consumer sentiment in Indonesia" and the "continued depreciation of regional currencies". Revenue in the year fell to $405.9m, down 19.5% from $504m in 2014.