August 12, 2010

Charoen Pokphand Foods' 25% rise in Q2 profit matches forecast

With aid from a rise in meat prices and record-high shrimp exports, Thailand's Charoen Pokphand Foods, gained a 25% increase in its quarterly profit, generally in line with forecasts.

CP Foods, 47.9% owned by CP Group, posted a net profit of THB4 billion (US$125.2 million), or THB0.61 (US$0.02) per share, up from THB3.2 billion (US$0.10 billion) a year earlier.

Six analysts had an average forecast of THB4.16 billion (US$0.13 billion) for the April-June quarter.

Analysts say meat prices are expected to fall back in the second half of the year, but CP Foods' performance should be resilient, boosted by higher growth from its food business.

CP Foods' shares rose 1.4% to THB25.25 (US$0.79) by the midday break, while the main Thai stock index <.SETI> was down 0.2%.