Petra Foods' Q2 net profit falls 70%

Petra Foods has posted a 70.1 per cent drop in second quarter net profit to US$4.8 million (S$6.1 million).

Revenue for the three months to June 30 rose to $125.6 million, up 3.5 per cent.

During the period, the troup successfully completed the divestment of the cocoa ingredients business on June 30. Resulting from this, an exceptional gain of US$79.4 million was realised.

Earnings per share declined to 0.77 US cent from 2.6 US cents previously while net asset value per share fell to 49.9 US cents compared to 53.7 US cents as at Dec 31.

An interim dividend of 2.98 cents a share was declared, up from 2.63 cents last year.