Grupo Nacional de Chocolates has posted a drop in profits for the first nine months of the year, despite “dynamic” sales growth.
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The Colombian chocolate maker said that EBTDA dropped 8.7% to US$379.6m.
The company said that profits were hit by increased input costs, which were not passed along to consumers to safeguard the group’s “long term business”. EBTIDA margin totalled 11.5%, down from 14.7% last year.
Consolidated sales in the period rose 16.4% to $3bn. International sales, which accounted to 31.8% of total sales, rose 18% in dollar terms during the nine months. Measured in Colombian pesos, international sales increased 40.7% over last year.
The company said that this result was “satisfactory” given the challenging economic environment.
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By GlobalDataOf this total, 31.8% are international sales, including exports from Colombia and sales of foreign companies. International sales were $472.5m, growing 18% over the first nine months of 2008. Measured in Colombian pesos, international sales grew 40.7% over the same period.
