FOOD & BEVERAGE | Staff Reporter, Singapore

Petra Foods sinks into the red with $6.58m loss in FY15

On back of weak consumer sentiment in Indonesia.

Reeling from the one-two blow of weak consumer sentiment and a hefty one-off charge, Petra Foods plunged into the red with a full year net loss of US$4.7m (roughly $6.58m), and a 93.5% YoY crash to US$800,000 ($1.12m) in Q4.

According to a report by OCBC, FY15 is Petra Foods’ worst year yet. Revenue for the quarter tumbled 23.8% YoY to US$100m, in line with flagging consumer sentiment in its core market Indonesia and de-stocking by trade customers. In constant currency terms, revenue would have plunged 11.5%. Operating profit was also approximately 79% lower at US$4.1m.

Excluding the one-off charge of US$19.5m in 3Q15, a full year net profit of US$15.3m was recorded, compared to FY14’s US$4.7m.

Following the settlement with Barry Callebaut, Petra Foods concluded that US$111.7m cash reserves are in excess of immediate needs of the company. The company has thus proposed to give back US$60m to shareholders through a court-sanctioned capital reduction.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.