SINGAPORE (Feb 28): Cocoa ingredients producer JB Foods announced earnings of US$6.5 million ($8.6 million) for 4Q17, representing a fivefold increase from its earnings of US$1.1 million a year ago on margin improvements.
Quarterly revenue fell by 6.8% to US$75.5 million from US$81 million in 4Q16, mainly due to lower average selling prices (ASPs) to the group’s customers due to the lower cocoa bean prices.
Nonetheless, gross profit grew to US$12.2 million from US$8.6 million a year ago due to improvements in processing margin.
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