Petra Foods earnings jumped 23.1% to US$19.5m

But analysts are still disappointed.

According to OCBC, despite broad-based improvements in its core Branded Consumer business, Petra Foods’ 1Q13 results fell short of expectations as growth slowed relative to the previous quarters. 

Revenue grew 7.7% YoY to US$127.4m while gross and operating profit increased by 14.6% YoY and 23.1% YoY to US$41.4m and US$19.5m respectively. 

Here's more from OCBC:

In terms of margins, gross profit and operating margins improved by 2 ppt and 1.6 ppt respectively to 32.5% and 15.3%, respectively. 

Core PATMI came in at US$14.1m (+20.0% YoY but -4.3% QoQ). 

The discontinued cocoa ingredients segment remains under pressure due to over-capacity issues in the industry. Including its loss-making performance, Petra recorded a net loss of US$14.9m (1Q12: net profit of US$16.3m).

While the sale will be concluded by Jun/Jul 2013 following the receipt of regulatory and shareholder approvals, Petra will still incur over-riding losses for 2Q13.