JB Foods, a cocoa ingredients producer, has reported FY2020 revenue of $417.8 million, up 18.5% over FY2019, to thanks to higher selling prices and higher volumes shipped.

However, it incurred higher shipping and storage costs in 4QFY2020. Coupled with higher depreciation costs from new production capacity, higher payroll, and other administrative expenses resulted in lower earnings for FY2020.

For the year ended Dec 31 2020, its earnings dropped 26.3% y-o-y to $19.3 million.

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