23 Feb '16, 12pm

Food News - Petra Foods income plunges on lower sales, one-offs: Petra Foods, the Singapore-based chocolate ma...

Petra Foods , the Singapore-based chocolate maker, revealed that it plunged into the red during 2015 as one-time expenses and lower sales hit the bottom line. Net earnings dropped to a loss of US$4.7m in 2015, down from $48.7m in 2014. Expenses related to the settlement of a dispute with Barry Callebaut regarding the sale of Petra's cocoa unit to the Swiss business-to-business giant dented profit, trimming $19.4m off the net result. Gross margins were also down in the year on an increase in the cost of goods sold, with gross profit dropping 24.8% to $120.8m. Petra Foods also faced a drop in sales, which it attributed to "weak consumer sentiment in Indonesia" and the "continued depreciation of regional currencies". Revenue in the year fell to $405.9m, down 19.5% from $504m in 2014.

Full article: http://www.just-food.com/news/petra-foods-income-plunges-...

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