The net profit of Charoen Pokphand Foods Pcl (CPF),Thailand’s largest meat and animal feed producer, nearly doubled in the first quarter, according to a report. The jump was driven by higher meat prices,lower raw material costs and a recovery in shrimp business.
CPF posted a net profit of 2.05 billion baht ($63.2 million) for the January-March quarter, up from 1.03 billion baht a year earlier.
First-quarter sales rose 12 percent to 98 billion baht from a year earlier, with international operations up 16 percent and domestic sales up 7 percent.
Lower meat prices, weakness in foreign operations, and the impact from a shrimp disease have hurt the company’s profit since the second half of 2012.