Petra Foods’ profit dives by 40% to US$7.4m in 2Q

It’s the second lacklustre quarter in a row.

A weakening economic condition in its core market Indonesia remains the thorn in the side of the manufacturing company as its earnings fell for the second straight quarter.

"In constant currency terms, both revenue and PATMI also saw a YoY decline of 3% and 29.2% respectively," a report from OCBC said.

Meanwhile, an 8% jump in sales this quarter caused by the Muslim Lebaran festivities offered little consolation.

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