Charoen Pokphand Q3 profit drops

Charoen Pokphand Q3 profit drops

The company, which is listed on the Bangkok stock exchange, reported a net profit of THB 4.91 billion, down 5% year-on-year. Net profit for the year-to-date is THB 12.93bn, flat on the same period of 2016. The company said sales for the nine months increased 8%, up to 372.024bn THB in the first nine months this year, with revenue from its overseas businesses increased 13%. 

Overseas sales accounted for 64%, domestic sale for 30% of its total revenue while export from Thailand was 6%, said Sooksunt Jiumjaiswnglerg, CEO of the agro industrial business and co-president of CP Foods. CP Foods has done a series of deals in North America and Europe, snapping up Bellisio Foods in the US for $1.1 billion at the end of 2016. Also, CP Foods was linked to a deal for US seafood importer Mazzetta Company, but this didn't materialize. In April this year, CP Foods added to its UK operations with a deal for Westbridge Food Group, a meat and seafood supplier with turnover of over £340m. According to the statement from CP Foods, the deal for Westbridge is valued at £60m.

Source: Charoen Pokphand