Petra Foods, one of the world’s major manufacturers and suppliers of cocoa ingredients, says net profit attributable to shareholders in the third quarter ended 30 September 2010 (3Q 2010) rose 109.9% to US$10.3 million ($13.3 million) on the back of a 33.8% increase in sales to US$433.1 million.

This was boosted by higher sales volume, higher unit pricing and higher margins achieved by both its Cocoa Ingredients and Branded Consumer divisions. EBITDA improved 56.5% to US$27.7 million in the same period.

The latest set of results lifted the group’s net profit attributable to shareholders for the first 9 months of 2010 (9M 2010) to US$28.1 million, representing growth of 84.4%. EBITDA rose 60.6% to US$75.2 million.

Petra says strong industry fundamentals such as consolidation of the cocoa ingredient industry and the increasing trend for brand owners to outsource their production are expected to drive the Cocoa Ingredients Division, while the positive sales momentum for Own Brands and Third Party Brands, which are supported by continued innovation and aggressive marketing, will further lift the Branded Consumer Division.