Cerebos Pacific posts 40% rise in 2Q to $22.8m as Suntory plans to delist company

Suntory Beverage & Food Asia is seeking the delisting of wholly-owned Cerebos Pacific.

Under the delisting proposal, Suntory will buy back all the Cerebos Pacific shares it does not own at $6.60 in cash each.

Cerebos Pacific will have to convene an extraordinary general meeting (EGM) to obtain the approval of shareholders for the delisting plan.

Meanwhile, Cerebos Pacific announced earnings of $22.8 million for the 2Q ending June (2Q12). This is a 40% increase compared to $16.2 million for the previous corresponding quarter (2Q11).

Sales at $234.6 million in 2Q12 was 2% higher than the $230.8 million recorded in 2Q11 mainly attributable to the positive sales from the Health Supplement Division.

The group’s operating profit for the 2nd quarter improved by 37% against the previous corresponding quarter. The improvement was driven by the 2% higher sales, lower raw material prices, lower A&P expenses as well as the recovery of insurance claim for the Taiwan product recall which occurred in the previous financial year.