SINGAPORE (Yosefardi) – Petra Foods Limited posted profit after tax and minority interest (PATMI) of US$13.2 million in the second quarter ended June 30, 2014. While revenue reached US$131.8 million.
The performance was achieved despite an environment of intensifying competition, higher cost inflation, weakness in regional currencies, and full absorption of HQ expenses by the Branded Consumer business.
For the six months ended 30 June 2014 (1H 2014), PATMI achieved was US$27.0 million on the back of US$254.6 million in revenue.
From a Y-o-Y comparison perspective, the Group’s results when translated into its US Dollar reporting currency was affected by the weakness in the regional currencies especially the Indonesian Rupiah against the US Dollar which weakened by an average of 21.0% in 1H 2014.
In terms of performance by markets, Indonesia remains the biggest revenue contributor, providing 73.0% of the Group’s sales, while among the regional markets of Philippines, Malaysia and Singapore, Philippines achieved the strongest growth rate for Own Brands, in excess of 40% for 2Q 2014 and 1H 2014.
Petra Foods has an established portfolio of chocolate confectionery brands which are household names in Indonesia. Its flagship brands in Indonesia include “SilverQueen” and “Ceres” that were introduced in the 1950s and “Delfi” in the 1980s. In addition, the Group also distributes a portfolio of well-known agency brands in Indonesia, Singapore, Malaysia and the Philippines.