CP Sees Profits Soar

by 5m Editor
13 November 2009, at 9:35am

THAILAND - South East Asian meat and fish processing company, Charoen Pokphand Foods, has posted profits of 8,080 million baht (THB) for the first nine months of the year - up from THB 2,824 million last year.

In the third quarter, CPF saw profits of THB4,116 million compared to THB1,388 in the previous year - an increase of 197 per cent.

The company said the increase was mainly due to the increase in the operating results of both livestock and aquaculture businesses from overseas operations, especially from a subsidiary in Turkey, together with the efficiency in cost management of Thailand operations, which continuously improved.

In the third quarter of 2009, the company also received revenue from negative goodwill arising from the acquisition of businesses, whose net assets were worth more than the amount CP paid, CPF said.