KUALA LUMPUR (May 30): Cocoaland Holdings Bhd will focus more on overseas food and beverage (F&B) markets like China and South Korea to further grow sales amid a competitive Malaysian market.

Cocoaland executive director Tai Chun Wah said China sales had recovered; hence, revenue from the market was seen picking up this year. He said the company foresaw South Korea sales increasing 30% to 40% this year.

"We will be pushing (for) more revenue (and) sales from the overseas market [specifically in China and South Korea] along with the favourable currency," he told reporters at Cocoaland's annual general meeting (AGM) here today.

According to Cocoaland's website, the manufacturer's products include hard candy, fruit gummy, cookies and soft drinks.

At the AGM, Tai said revenue contribution from gummy candies accounted for 48% of Cocoaland's total revenue during the first quarter ended March 31, 2017 (FY17).

"The gummy candy contributes about 48% for the period ended March 31, 2017," he said. Yesterday, Cocoaland said 1QFY17 net profit grew to RM8.99 million from RM7.87 million a year earlier while revenue was up at RM63.73 million from RM62.53 million.

At the noon market break today, Cocoaland fell 10 sen or 3.57% to RM2.70, with a market capitalisation of RM617.76 million.