Singapore-listed Petra Foods reported lower earnings from its consumer foods business in the third quarter as sales slipped and costs rose.
The company revealed operating earnings fell 28.2% in the three months to 30 September, dropping to US$15m. Net profit was down 28.7% to $10.6m.
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Earnings were hit by “keener competition”, cost inflation and currency exchange, Petra said. Sales fell 6.5% on a reported basis to $118.1m.
Petra insisted its performance reflected “the success” of the group’s “two-pronged strategy to drive sales by supporting its brand-building efforts with strong routes-to-market capabilities across its key markets”.
Looking to the remaining quarter of the year, Petra added it anticipates a “robust” showing.
John Chuang, Petra Foods’ CEO, said: “Petra Foods was able to continue growing its business despite an increasingly challenging operating environment because of our significant investments in product innovation, portfolio expansion, brand building and strengthening of our route-to-market capabilities. We remain strongly committed to achieve volume growth by strategically capturing the vibrant demand for chocolate confectionery in our key markets.”
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