Singapore-based Petra Foods has booked a 92% increase in first-quarter earnings, on the back of strong earnings momentum, which began in 2009.

Net profit attributable to shareholders for the quarter ended 31 March jumped to US$8.3m from $4.3m a year earlier.

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Group revenue grew 20.4% to $338.7m driven primarily by the group’s cocoa ingredients and branded consumer divisions.

In the latest quarter, sales from the firm’s branded consumer division rose 37.1% to $87.2m while the cocoa ingredients division rose 15.5% to $251.5m.

John Chuang, Petra Foods’ CEO, said: “We are really pleased with the strong momentum that we saw in 2009, continuing into the first quarter of 2010. Looking ahead, we expect volume growth and margin expansion to sustain, contributing strong earnings growth for the rest of the year.”

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