CP Foods doubles profit in 1Q
Charoen Pokphand Foods Pcl (CPF) , Thailand's largest meat and animal feed producer, said on Thursday its net profit nearly doubled in the first quarter, driven by higher meat prices, lower raw material costs and a recovery in shrimp business.
CPF, the flagship unit of Charoen Pokphand Group owned by Thailand's richest man Dhanin Chearavanond, posted a net profit of THB 2.05 billion (USD 63.2 million, EUR 46.3 million) for the January-March quarter, up from THB 1.03 billion (USD 31.7 million, EUR 23.3 million) a year earlier.
Four analysts polled by Reuters had expected the company to post a net profit in the range of THB 1.8 billion (USD 55.5 million, EUR 40.6 million) to THB 1.9 billion (USD 58.9 million, EUR 42.9 million).
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