CHOCOLATE confectionery company Delfi : P34 +2.36% saw its earnings before interest, taxes, depreciation and amortisation (Ebitda) decline 6.3% to US$12.9 million in the third quarter ended Sep 30, 2023, from US$13.7 million a year earlier.

 

This was despite the group posting a 12.9 per cent increase in third quarter revenue to US$126.4 million, from US$112 million the year before.

 

In its business update on Tuesday (Nov 14), the company attributed the growth in revenue to higher sales in both Indonesia and its regional markets, which comprise Malaysia, the Philippines and Singapore.

 

However, the group&rsquo s Ebitda was impacted by higher selling and distribution costs. It said that this is in line with the group&rsquo s business growth and strategic decisions to increase investments in brand building initiatives.

 

It further noted that the last few months have seen a significant increase in global uncertainties amid geopolitical tensions and increasing macroeconomic headwinds.

 

&ldquo Despite this, barring any unforeseen events, the group continues to expect it will finish this year on a positive note although increased investments in our brand building initiatives may moderate our overall profit growth,&rdquo Delfi said.