Petra Foods has seen full-year profits slide by 57% due to difficult trading conditions and one-off charges related to its soon-to-be-sold cocoa ingredients business.
For the 12 months to the end of December, Singapore-based Petra saw net profits were US$25.9m, down 57.2% on the previous year. The group sank to net losses of $16.7m in the fourth-quarter, versus profits of $18.4m in the same period of 2011.
Go deeper with GlobalData
Petra said it took a $27.5m charge connected to the planned divestiture of its cocoa ingredients business.
The unit also continued to come under margin pressure, and sank to net losses of $28.6m for the full-year, from profits of $21.2m a year earlier.
John Chuang, Petra’s CEO, said the proposed sale of the cocoa ingredients arm will enable the group focus on its better-performing branded consumer business. It will focus on rising demand for chocolate and confectionery in South East Asia.
A strong showing from Petra’s branded and consumer food arm enabled it to increase overall net sales by 13.8% in 2012, to $477.7m. EBITDA rose by almost a third, to $84.8m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataExcluding the cocoa ingredients business, net profits jumped by 38.6%, to $54.5m.
