Charoen Pokphand Foods reports drop in earnings
Charoen Pokphand Foods, Thailand's largest agribusiness company, has reported a 17% drop in quarterly earnings on Friday, hit by lower domestic meat prices and weak overseas operations.
CP Foods, 47.9% owned by CP Group, one of Asia's largest agribusiness conglomerates, posted a net profit of 4.04 billion baht ($128 million) for April-June, down from 4.84 billion a year earlier and a record 12.11 billion in the previous quarter.
The result was above the 3.8 billion baht forecast from 11 analysts surveyed by Reuters.
Its operations in Turkey, Malaysia and India are expected to recover in the second half due to higher meat prices, while domestic chicken prices are expected to recover in the fourth quarter, analysts said.
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