April 5, 2005

CP Foods expects net profit for Q1 2005
 

With robust export volumes and an improved outlook in the chicken and shrimp industries, Thailand's Charoen Pokphand Foods expects sales this year to be 10 percent higher than the 91.79 billion baht it earned last year, 

The giant Thai poultry and shrimp producer and exporter is also expecting a net profit in the first quarter of this year, from a loss of 598 million baht in the first quarter of 2004. In a statement on Monday, it said the 2004 first quarter loss was due to lower prices and a drop in demand for chicken products following the bird flu outbreak.

CP Foods expects to increase its exports of cooked chicken this year following higher output and the lifting of an import ban in Europe and Japan. Its exports of shrimp will also be higher, thanks to lower US anti-dumping tariffs.

Last year, the US imposed an anti-dumping tariff of 5.50-10.25 percent for several countries, including Thailand. It later cut the rate to 5.9 percent for Thailand, far below the 55 percent charged on China's imports, and 10 percent for India and Brazil.