Singapore-based confectioner Petra Foods has booked a fall in half-year profits thanks to currency fluctuation, although it said underlying earnings were higher.
Petra said profit after tax and minority interests was US$27m for the six months to the end of June, down 6.2% on the year. EBITDA slid 6.5% to US$42m.
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The weakness in local currencies, especially the Indonesian rupiah, against the US dollar hit the reported results.
Revenue inched up 1% but was affected by foreign exchange. On a constant-currency basis, profit after tax and minority interests was up 18.5%, EBITDA grew 15.5% and revenue increased 18.3%.
Petra said sales was driven by its branded business across its markets. Indonesia accounts for 73% of turnover. The company said sales of its own brands in the Philippines jumped 40% in the first half amid investment in distribution and NPD.
On Petra’s dispute over the price Barry Callebaut wants to pay for the group’s cocoa ingredients business, the company said “proceedings are ongoing”.
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By GlobalData
