Petra Foods, one of the world’s major manufacturers and suppliers of cocoa ingredients, announced a 34.4% increase in net profit attributable to shareholders in the third quarter ended 30 September 2011 (3Q 2011) of US$13.8 million ($17.8 million) from $10.3 million in the year ago period (3Q2010) despite revenue remaining flat at US$431 million.
Petra Foods says its Branded Consumer division’s strong 3Q and 9M 2011 performance was driven mainly by higher sales of its own brands with strong double-digit growth achieved in Indonesia and in the Philippines.
In Indonesia, the revenue growth of 12.9% to US$79.9 million in 3Q 2011 reflected the strength and depth of the group’s business with its impressive portfolio of leading brands across all categories and in both the premium and value segments. Agency brands sales increased driven mainly by organic growth achieved by existing agencies.
For regional markets, the Philippines recorded its best performance in 3Q 2011 with own brands sales achieving double digit growth attributable to strong new product launches supported by the expansion of distribution coverage and higher levels of investments in brand development programmes.
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