The group posted an overall loss of US $14.9m, but these results included its cocoa ingredients division, which in December 2012 it agreed to sell to Barry Callebaut for $950m subject to regulatory approval.
The company will now concentrate on its branded consumer division, which includes brands such as SilverQueen, Ceres and Delfi.
This division posted net profit of $14.1m in Q1, up 20% on the same period last year. Revenues also rose 7.7% to $127.4m.
“The performance was boosted by the Group’s strong presence in its regional markets and supported by vibrant consumption across the region,” said a company statement.
Petra reported double-digit sales growth in Indonesia and the Philippines spurred by new launches and an expanded distribution network.
The company has also added a higher proportion of premium products that has helped it to improve its margins
“Moving forward with its Branded Consumer business, Petra Foods will further stimulate demand by growing its portfolio of products especially in the Premium segment through the launch of new products and expansion into new product categories,” said the company.
The $29m loss in the cocoa ingredients division was attributed to charges and tax related to the disposal to Barry Callebaut, as well as “continuing industry pressures affecting cocoa ingredients suppliers worldwide”.
These pressures were described as an over-supply that did not match weak global chocolate consumption.
The sale to Callebaut is expected to be complete in June or July 2013.
The company said it would constantly explore possible mergers and acquisitions and strategic alliances to enter new markets and to build positions in attractive categories.