Singapore-based chocolate confectionery manufacturer Petra Foods has announced that its branded consumer goods business achieved a net profit of US$28.9 million, up 13.2% on the year-ago period. At constant exchange rates, the company said, net profit growth would have been 21.1%.
Revenues for the branded consumer goods business increased 5.6% to $253 million for the half year.
However, its cocoa business – which the company sold to Barry Callebaut on 30 June this year - lost $39 million, meaning that the company reported an overall loss of $10.1 million.
The cocoa business will no longer have any impact on Petra Foods’ performance.
Petra Foods notes that its own brands products achieved strong double digit revenue growth in Indonesia in HY2013 in constant currency terms. This was a broad based volume growth across categories, said the company, which reflected the increased market penetration and the success of the group’s continually widening product portfolio and distribution coverage in the market.
Similarly, the group’s regional markets of the Philippines, Malaysia and Singapore, achieved What the company described as impressive double digit revenue growth in HY2013 as a result of aggressive new product launches supported by higher levels of investment in brand development programmes and wider distribution coverage.
“With the successful divestment of the Cocoa Ingredients business and the strong performance of our Branded Consumer business, we are in an ideal position to seize growth opportunities in the fast growing regional consumer markets,” said John Chuang, Petra Foods CEO. “Despite volatility in the regional currencies and input costs, we expect another year of growth for our Branded Consumer Division in 2013. The region’s vibrant economies and fast growing middle income classes are trends that work in our favour and we will continue to capitalize on them as we continue our strategic focus to drive growth and profitability in our key consumer markets.”
Moving forward with its branded consumer business, Petra Foods said that it will further stimulate demand by growing its portfolio of products especially in the Premium segment through the launch of new products and expansion into new product categories, and will continue to broaden its distribution network to drive continued growth in its business and invest prudently in manufacturing and distribution capabilities to capture growth opportunities in the long term.
Revenues for the branded consumer goods business increased 5.6% to $253 million for the half year.
However, its cocoa business – which the company sold to Barry Callebaut on 30 June this year - lost $39 million, meaning that the company reported an overall loss of $10.1 million.
The cocoa business will no longer have any impact on Petra Foods’ performance.
Petra Foods notes that its own brands products achieved strong double digit revenue growth in Indonesia in HY2013 in constant currency terms. This was a broad based volume growth across categories, said the company, which reflected the increased market penetration and the success of the group’s continually widening product portfolio and distribution coverage in the market.
Similarly, the group’s regional markets of the Philippines, Malaysia and Singapore, achieved What the company described as impressive double digit revenue growth in HY2013 as a result of aggressive new product launches supported by higher levels of investment in brand development programmes and wider distribution coverage.
“With the successful divestment of the Cocoa Ingredients business and the strong performance of our Branded Consumer business, we are in an ideal position to seize growth opportunities in the fast growing regional consumer markets,” said John Chuang, Petra Foods CEO. “Despite volatility in the regional currencies and input costs, we expect another year of growth for our Branded Consumer Division in 2013. The region’s vibrant economies and fast growing middle income classes are trends that work in our favour and we will continue to capitalize on them as we continue our strategic focus to drive growth and profitability in our key consumer markets.”
Moving forward with its branded consumer business, Petra Foods said that it will further stimulate demand by growing its portfolio of products especially in the Premium segment through the launch of new products and expansion into new product categories, and will continue to broaden its distribution network to drive continued growth in its business and invest prudently in manufacturing and distribution capabilities to capture growth opportunities in the long term.
