Singapore-based cocoa manufacturer Petra Foods has posted a jump in net profit during the first quarter as it reported strong sales growth over the quarter.

The company said yesterday (11 May) that during the quarter ended 31 March, net profit rose 63.8% to US$13.6m, while revenue grew 27.9% to $433.1m. EBITDA rose 27.9% to $30.4m.

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Petra said that growth was driven by higher sales from its cocoa ingredients and branded consumer divisions. The company also pointed to a “higher EBITDA yield” from cocoa ingredients.

Speaking about the company’s outlook for the year, CEO John Chuang said: “We expect the operating environment for our two core businesses to remain robust. We intend to further grow our key markets to capitalise on the compelling demand for high-end customised products and the strong regional consumption growth.”

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