Petra Foods Report Strong Q2

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Thursday, 12 August 2010 10:27

Petra Foods Limited, one of the world’s major manufacturers and suppliers of cocoa ingredients and a major regional chocolate confectionary player, today announced a 58.4% jump in net profit attributable to shareholders to US$9.6 million for the second quarter ended 30 June 2010, on the back of a 29.2% increase in sales to US$373.3 million.

"The strong profit performance achieved in 2Q 2010 and 1H 2010 was due to higher sales volume and unit pricing, as well as higher margin and yield achieved for the Branded Consumer and Cocoa Ingredients Divisions," Petra Foods said in a statement.

Indonesia contributed US$121.5 million revenue for branded consumer division, jumped 35.8% from the same period last year, "as a result of the stronger domestic economy, the group’s marketing initiatives and new products launched over the last 18 months," Petra Foods argued.

Petra Foods also sold 119,122 tons of cocoa ingredients in the first half of 2010, increased 12.8% from the same period last year, but higher prices lifted its revenue by 23% to US$534.8 million in H1/10. This division generated EBITDA of US$198 million in the period.

"Driven by continued strong demand from existing global customers and new customers, sales from the Cocoa Ingredients Division rose 30.6% to US$283.3 million in 2Q 2010. EBITDA surged 90.5% to US$12.5 million on the back of EBITDA yield rising 75.2% to US$198/mt, reflecting the higher shipment and higher pricing for premium cocoa ingredients across all regions. A positive EBITDA yield was also generated at its European plant which is now in full commercial operations," Petra Foods said.

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