Delfi's profit down 44.1% to $4.5m in Q3
Revenue has been declining for the last two quarters.
Delfi profit decreased 44.1% YoY to $4.5m (US$3.32m) in Q3.
According to its financial statement, revenue grew marginally by 1.5% YoY to $119.61m (USD87.9m) in Q3, due to higher Own Brand sales in Indonesia, its primary market.
Major core brands in premium segment including its SilverQueen products, Selamat, Cha Cha and Ceres – achieved double-digit growth.
The revenue increase this quarter breaks the chocolate confectionary company’s dry spell as the company posts stronger sales of higher margined products and undertakes cost-containment initiatives.
The company also registered losses due to its payment of $0.78m (US$0.57m) to wind down the Processors Alliance for Cocoa Traceability and Sustainability (PACTS) programme of which Delfi is member of.
Delfi, formerly known as Petra Foods, also positions for long-term growth by undertaking efforts to reorganise its product portfolio, organisation structure and routes-to-market this financial year.
Photo by Lupus in Saxonia - Own work, CC BY-SA 4.0