Singapore-based consumer and B2B chocolate and cocoa group Petra Foods has booked an increase in half-year profits despite lower sales.
A strong performance from Petra Foods' consumer brands offset a fall in sales and earnings from cocoa ingredients to increase profits.
Petra group's net earnings increased 13.6% to US$32.2m in the six months to the end of June. EBITDA climbed 8.1% to $68.3m.
The company reported a 36.2% jump in EBITDA from its consumer brands arm as margins increased. Sales were up 14.9%.
However, Petra's total sales fell 9.8% to $780.5m on a 17.2% sales from its cocoa ingredients division. EBITDA from its cocoa ingredients division slid 15.9% to $28.7m. The company cited "significant headwinds" in the form of pricing pressure for the decline as global supply exceeded demand.
