SINGAPORE (Nov 17): OCBC is maintaining a “sell” for Petra Foods, the distributor of chocolate confectionery products, and cutting its fair value from $2.74 to $1.97 after the reporting a weak set of 3Q results.

Revenue dropped 28.4% to US$84.6 million ($120.3 million) as sales continued to be dragged by weaker consumer sentiment in Indonesia as well as the depreciation of regional currencies against the US dollar.

During the quarter, Petra also recognised an exceptional charge of US$19.5 million due to the settlement of the dispute with Barry Callebaut AG over the sale of its cocoa ingredients business to the latter in 2013.

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