Spanish chocolate group Natra warned that a “sudden rise” in cocoa prices has hit margins when it delivered its third-quarter results today (30 October).
The company said improved operational efficiency allowed it to “maintain” operating income but added margins had felt the negative impact of rising cocoa prices. Natra attributed the jump in prices to consolidation in the sector and uncertainty surrounding harvests in major producing countries.
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The company said turnover rose 1.5% in the first nine months of the year, climbing to EUR263.2m (US$362.35m). EBITDA fell 1.1% to EUR20.01m. The group booked a net loss of EUR1.6m, compared to net profit of EUR1.9m last year.
The bottom line was dented by debt consolidation as the group has worked to deleverage its balance sheet. Over the last 12 months, Natra has reduced its financial leverage to EUR68.7m. As of 30 September, Natra had debts totalling EUR149.6m.
Click here to view the press release from Natra.
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