SINGAPORE (Yosefardi) – Petra Foods Limited posted 16.6% sales decline in Indonesia for the first quarter of 2015, reflecting weaker sentiment due to the slowing economy, high inflation and weakening Indonesian Rupiah.
Indonesia remains Petra Foods’ biggest revenue contributor with US$73.5 million in sales in first quarter. From a local currency perspective, the decline in sales would have been 12.3%.
With more than 50% market share for its Own Brands in the chocolate confectionary category in Indonesia, Petra Foods remains the market leader and continues to outperform the competition through its commitment to creative product development to address different consumer needs.
For the Group, Petra Foods booked PATMI of US$7.7 million on the back of revenue of US$106.2 million. On a Y-o-Y basis, the Group’s first quarter 2015 revenue and PATMI, in the Group’s US Dollar reporting currency, were lower Y-o-Y by 13.5% and 42.8% respectively.
In constant currency terms, revenue and PATMI were lower 9.3% and 39.1% respectively.
The Group’s lower Y-o-Y performance mainly reflects the recent slowdown in the Indonesian economy and weakening of consumer sentiment.