Petrafoods

Petrafoods: 4Q12 results registered a net loss of US$16.7m that came in below expectations following continued weaknesses in its Cocoa Ingredients business. Double-digit net profit growth (+10.4% YoY to US$14.7m) in the Branded Consumer division was offset by a sizeable loss of US$31.4m from the Cocoa Ingredients division during the same period. This brought FY12 net profit to US$25.8m - a decline of 57.3% YoY from US$60.5m. However, excluding the soon-to-be-sold Cocoa Ingredients division, Petra would have registered a 38.8% increase in its FY12 bottom-line to US$54.5m on a 13.8% YoY improvement in revenue to US$477.7m. Pending a briefing with management later in the morning, OCBC place fair value estimate of $3.57 under review but maintain HOLD rating on the counter.