Natra’s cocoa and chocolate business reported a 1.6% fall in sales in the first quarter due to sharp increases in cocoa prices.
The company reported sales of €75.71m ($10.5m) and a 44.3% drop in EBITDA to €2.73m ($3.77m) as cocoa prices reached highs not seen since 2011.
“Following the significant rise in cocoa prices during 2013, ranging between 1,382 and 1,800 pounds per tonne, the first quarter of 2014 saw a continuation of this trend, with prices reaching an initial maximum of £1,898 per ton,” said the Spanish firm.
The company also reported weak chocolate consumption in Europe. Natra said it expected an improvement in the second half of the year due to the activation of cocoa and chocolate supply contracts for the Christmas period.