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Earnings Plunge 300% At Thai Food Producer

10 May 2007

BANGKOK - Thailand’s largest food producer Charoen Pokphand Foods said Wednesday that its earnings plunged by 300 percent in the quarter to March because of a strong Thai baht and lower product prices.

CPF, the nation’s biggest poultry exporter, posted a net loss of 1.13 billion baht ($32.5 million) in the first three months against a net profit of 550 million baht in same period of 2006. Total sales revenue, however, was up six percent from the previous year to 29 billion baht, of which 69 percent was domestic sales.

About 17 percent of the revenue was export income, while the remaining income came from gains in the company’s overseas investments in India, China, Malaysia and Turkey, said CPF president Direk Sripratak.

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Source: Daily Times

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